Ella 
Last Friday, the Australian dollar briefly shot up to 0.6522 during the New York trading session, then fell back to close at 0.6450 (-0.54%). Although the Australian dollar fell sharply, the downward momentum did not increase significantly. Nonetheless, the AUD is likely to move lower today, but is unlikely to fall below the strong support at 0.6420. Resistance is at 0.6465, then at 0.6480.
Next 1-3 weeks: Our last update was last Thursday (August 31, spot price 0.6480). At the time, we thought “if the Aussie breaks and holds above 0.6500, the focus will shift to 0.6550.” On Friday, the Aussie fell 0.54% (0.6450). Upward pressure seems to have eased and AUD is unlikely to strengthen. Currently, the Aussie is more Likely to trade within the range of 0.6390/0.6525.
