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AUD/USD looking to close above 0.9375 – Westpac

FXStreet (Edinburgh) - Analysts at Westpac Global Strategy Group see the 0.9375 level as key to maintain the bid tone.

Key Quotes

AUD/USD continues to defy falling commodity prices and not coincidental scratchy Chinese activity data”.

“This will not be sustained medium term, but it is hard to make the case for a sudden revival of commodity jitters in the week ahead”.

“Data flow should be mixed but Wed could set AUD on track for a positive week. Talk of a flat or negative GDP headline sets a low bar to clear, while Gov Stevens is entitled to be a little more optimistic in his speech that day, given the capex survey”.

“Meanwhile, anticipation of ECB QE is amplifying the global search for yield, benefiting AUD”.

“Any dips under 0.93 seem likely to draw increasingly solid demand, with a 0.94 handle now seeming the risk after a quiet August. Initial technical task is a close above 0.9375”.

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