The Australian Dollar (AUD) extended gains Monday to 1.0760 (0.9295) from last week’s run from 1.0600 (0.9435) breaking above key moving average support lines. Long term resistance at 0.9435 (1.0600) held Friday as we suggested, the double top formation of Dec 2022. This week on the economic docket we have Australian employment data and the NZ budget. Downside bias remains in the cross unless we see improvement in metal prices and the Chinese narrative improve.
Current Level: 0.9316 (1.0728)
Resistance: 0.9430 (1.0860)
Support: 0.9210 (1.0600)
Last Weeks Range: 0.9310-0.9431 (1.0603-1.0740)