All upside moves by the Australian Dollar (AUD) last week have been reversed this week with the cross turning on a dime around 0.5220 (1.9170) clocking 0.5140 (1.9470) this morning. Most of the Aussie weakness coming from risk sentiment and Chinese stimulus measures. Chinese equities have plummeted overnight over 7% not helping the AUD suffering the biggest drop in 4 years. UK m/m GDP prints tomorrow evening and should be positive following a recent pickup in manufacturing. 0.5120 (1.9520) is the next target support.
Current Level: 1.9459
Resistance: 1.9680
Support: 1.9320
Last Weeks Range: 1.9123- 1.9390