US Equities have slumped causing fresh “risk off flows” of late- the Australian Dollar (AUD) faring better than the New Zealand Dollar (NZD) last week reaching 0.9180 (1.0890) and looking well supported into Tuesday trading. Australian Inflation prints tomorrow for May y/y with investors expecting a rise from 3.6% to 3.8% y/y. Currently however the cross sits at the 50% fib level of the recent long-term low at 0.9065 (1.1030) and high of 0.9330 (1.0720). If the AUD can breakout past this zone the next target would be 0.9130 (1.0950)
Current Level: 0.9195
Resistance: 0.9330
Support: 0.9075
Last Weeks Range: 0.9182-0.9295