The Australian Dollar (AUD), Euro (EUR) cross looks to be resting around the 0.5885 (1.7000) mark into Tuesday after another big week of declines in the Aussie from 0.5935 (1.6850) areas from the start of last week. The pair trades just above the April 2020 low, the downward channel still in play, a retest of 0.5815 (1.7200) looks like the play this week amid a thin data calendar.
Current Level: 0.5886
Resistance: 0.6145
Support: 0.5850
Last Weeks Range: 0.5860 – 0.5975
The Australian Dollar (AUD), British Pound (GBP) entered Tuesday around the weekly opening level of 0.5030 (1.9880) after flatlining mid last week. The Aussie still looks to be struggling post ongoing Chinese economic fears and a higher UK inflation read. Precious metal prices also have the AUD on the backfoot along with a disappointing wage report. This week’s UK manufacturing Wednesday is predicted to come in light which may give the Aussie investors more to cheer about.
Current Level: 1.9892
Resistance: 2.000
Support: 1.8975
Last Weeks Range: 1.9488 – 1.9966
The Australian Dollar (AUD), British Pound (GBP) entered Tuesday around the weekly opening level of 0.5030 (1.9880) after flatlining mid last week. The Aussie still looks to be struggling post ongoing Chinese economic fears and a higher UK inflation read. Precious metal prices also have the AUD on the backfoot along with a disappointing wage report. This week’s UK manufacturing Wednesday is predicted to come in light which may give the Aussie investors more to cheer about.
Current Level: 0.5027
Resistance: 0.5270
Support: 0.5000
Last Weeks Range: 0.5008 – 0.5131
The Australian Dollar (AUD) held firm around the 0.6425 area post the open against the USD Dollar (USD) Monday as equity markets traded positive. It’s hard to know if we will see a reversal of sorts this week and a push higher, but with improved sentiment in China after an improved May manufacturing PMI read who knows. Australian Retail Sales came in hot at 0.5% in July after a poor June release surprising analysts as shoppers came out during the FIFA Women’s World Cup. Despite this the RBA is still likely to raise rates at the September 5 meeting. Looking ahead we have US Non-Farm Payroll Friday which will add volatility to the mix.
Current Level: 0.6432
Resistance: 0.6365
Support: 0.6500
Last Weeks Range: 0.6385 – 0.6488
The New Zealand Dollar (NZD) traded a smidge lower off Monday’s open to 0.5885 (1.6990) into Tuesday sessions consolidating around a light calendar week for the cross. Earlier the Euro has proven to be resilient after Chinese economic concerns, however this week the pair may trade in a tightish range with a modest bullish bias.
Current Level: 1.8385
Resistance: 1.8520
Support: 1.7700
Last Weeks Range: 1.8203 – 1.8396
The New Zealand Dollar (NZD) traded a smidge lower off Monday’s open to 0.5885 (1.6990) into Tuesday sessions consolidating around a light calendar week for the cross. Earlier the Euro has proven to be resilient after Chinese economic concerns, however this week the pair may trade in a tightish range with a modest bullish bias.
Current Level: 0.5439
Resistance: 0.5650
Support: 0.5400
Last Weeks Range: 0.5435 – 0.5493
The New Zealand Dollar (NZD) showed signs early in the week of recovering off recent lows but instead carried on its downside path into Tuesday booking a new low of 0.4635 (2.1580) against the British Pound (GBP). It’s hard to see much change this week in a light calendar of data with only UK manufacturing printing Wednesday. Recent higher inflation reads should ensure the kiwi stays out of favour.
Current Level: 2.1523
Resistance: 2.1600
Support: 2.0530
Last Weeks Range: 2.1171 – 2.1529
The New Zealand Dollar (NZD) showed signs early in the week of recovering off recent lows but instead carried on its downside path into Tuesday booking a new low of 0.4635 (2.1580) against the British Pound (GBP). It’s hard to see much change this week in a light calendar of data with only UK manufacturing printing Wednesday. Recent higher inflation reads should ensure the kiwi stays out of favour.
Current Level: 0.4646
Resistance: 0.4870
Support: 0.4630
Last Weeks Range: 0.4644 – 0.4723
Price in the Australian Dollar (AUD), New Zealand Dollar (NZD) cross this week is moving within Fibonacci key levels between 0.9220 (1.0850) and 0.9260 (1.0800). The Aussie may come under further pressures this week as investors digest Chinese economic woes. Of consideration are cloudy metal prices led by iron ore coming off over 3% in the last 30 days and a dovish RBA. NZ Retails Sales prints tomorrow, expected to come in at -0.4% for the June quarter.
Current Level: 1.0818
Resistance: 1.0740
Support: 1.0910
Last Weeks Range: 1.0779 – 1.0876
Price in the Australian Dollar (AUD), New Zealand Dollar (NZD) cross this week is moving within Fibonacci key levels between 0.9220 (1.0850) and 0.9260 (1.0800). The Aussie may come under further pressures this week as investors digest Chinese economic woes. Of consideration are cloudy metal prices led by iron ore coming off over 3% in the last 30 days and a dovish RBA. NZ Retails Sales prints tomorrow, expected to come in at -0.4% for the June quarter.
Current Level: 0.9239
Resistance: 0.9310
Support: 0.9165
Last Weeks Range: 0.9194 – 0.9277