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AUD/NZD to remain on the back foot - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, expects AUD/NZD to remain on the back foot near term.

Key Quotes

"AUD/NZD’s firm rejection at 1.13 should keep the pair on the back foot near term, with risks of a test of key support at 1.0910/30. Relative commodity prices and positioning are weighing for now."

"However, the RBA’s very clear signal of a steady hand into 2015 contrasts with the more dovish inflation outlook at the RBNZ in its Sep MPS, which should support AUD/NZD in Q4. Moreover, we continue to look for a recovery in iron ore prices in coming months, such that AUD/NZD trade with a 1.09 handle should draw buyers looking for a push to 1.14 during Q4."

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