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5 Feb 2015
AUD/USD might weaken to 0.7500 – Westpac
FXStreet (Barcelona) - Analysts at Westpac view that AUD/USD has made a top around 0.7850/0.7900 and further weakness might resume towards 0.7500.
Key Quotes
“We remain of the view that the AUD has potential for further weakness to 0.7500”
“Price action over the RBA was hardly supportive of this view, though reaction to the PBoC was not all that upbeat. Simply put, AUD looks to be in a 0.7850/ 0.7900 to 0.7700 range.”
“While crude prices have tried to bounce, metals are generally not responding here.”
“The RBA clearly left the door open for another rate cut in March/ April and the Qld election and talk of leadership challenge will not have helped business/ consumer sentiment here.”
“So bottom line, we remain of the view that 0.7850/ 0.7900 is the top for the AUD.”
Key Quotes
“We remain of the view that the AUD has potential for further weakness to 0.7500”
“Price action over the RBA was hardly supportive of this view, though reaction to the PBoC was not all that upbeat. Simply put, AUD looks to be in a 0.7850/ 0.7900 to 0.7700 range.”
“While crude prices have tried to bounce, metals are generally not responding here.”
“The RBA clearly left the door open for another rate cut in March/ April and the Qld election and talk of leadership challenge will not have helped business/ consumer sentiment here.”
“So bottom line, we remain of the view that 0.7850/ 0.7900 is the top for the AUD.”