The Australian Battler jumped over 5% last week, an impressive feat for a currency that was battered, falling over 13% in the previous two weeks. AUD/USD traded to 0.6200 on Friday, 13 March highs before slipping in late New York to 0.6165. This morning’s risk-off stance has pushed AUD/USD to 0.6115, settling at a current 0.6128.
Immediate resistance for today lies at 0.6170 followed by 0.6200 and 0.6220. Immediate support can be found at 0.6110 and 0.6070 (Friday’s opening). Expect another choppy session on the Aussie with a likely range today of 0.6070-0.6200. No strong views today. Pick your levels, monitor the news releases, and trade your range. In these wild markets, guerrilla tactics work best.