7 Apr 2015
AUD/USD points to range trading between 0.75 and 0.78 – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the most likely scenario for AUD/USD is a consolidation range between 0.75 and 0.78.
Key Quotes
“The RBA's decision to leave rates unchanged and remove the 'above most measures of fundamental value' description is likely to generate some further upside in the short term”.
“However, with commodity prices weak and a clear easing bias still in place, we find it hard to see much upside beyond 0.7800”.
“It looks like the current 0.7500/ 0.7800 range trade could be in place for some time to come”.
“While consecutive new downtrend lows throughout 2015 are consistent with the medium term/long term downtrend, short term momentum failures in March / April raise the probability of a pause in the coming weeks”.
Key Quotes
“The RBA's decision to leave rates unchanged and remove the 'above most measures of fundamental value' description is likely to generate some further upside in the short term”.
“However, with commodity prices weak and a clear easing bias still in place, we find it hard to see much upside beyond 0.7800”.
“It looks like the current 0.7500/ 0.7800 range trade could be in place for some time to come”.
“While consecutive new downtrend lows throughout 2015 are consistent with the medium term/long term downtrend, short term momentum failures in March / April raise the probability of a pause in the coming weeks”.