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AUD/USD en-route to 0.85 - Westpac

FXStreet (Bali) - According to Westpac FX Strategy Team, following the break of 0.8650 support in AUD/USD, fresh lows since mid- 2010 seem highly likely, around 0.8500 or below.

Key Quotes

"AUD/USD’s break of support in the mid-0.86s should encourage bears in coming sessions. Fresh lows since mid- 2010 seem highly likely, around 0.8500 or below. Yet we are not inclined to chase AUD lower over the whole week."

"The domestic story remains quite stable, with the RBA seemingly firmly on hold into 2015 while Japanese demand for AUD bonds has been on an improving trend, with the BoJ move only adding to this. The AUD yield advantage is intact, leaving us neutral on the week for AUD/USD."

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