The Australian Dollar kept its head above 0.65 cents, trading in a slow, relatively tight 30 pip range between 0.6520 and 0.6550 basically. Prime Minister Scott Morrison unveils his plan to combat China’s recent slapping of tariffs on Australia’s exports. Details are scant which should keep the Battler in a relatively tight trading range.
AUD/USD has immediate resistance at 0.6560 followed by 0.6600, which remains strong. Immediate support can be found at 0.6520 and 0.6480. Look to trade within a 0.6510-0.6560 range today. The risk is lower first, but with the market positioning short, there should be good buying support between 0.6480-0.6500. The resistance at 0.6600 will be tested if we manage to hold above 0.6500 cents by mid-week.