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Bearish on EUR and JPY - Westpac

FXStreet (Guatemala) - The Westpac Global Strategy Group offered their views for high conviction trading of pairs and put the EUR and Yen as sure units to bet against.

Key Quotes:

“Key for us here has been the recent expansion of the BoJ’s QQE policy and Draghi’s dovish message where the commitment to steer the Bank’s balance sheet back to early 2012 levels was signed off by the Governing Council”.

“This increased liquidity will continue to weigh on the € and ¥”.

“For AUD, the recent break of support in the mid 0.86's suggests we are set to enter a lower 0.8550/ 0.8700 range trade”.

“Given increased ECB/ BoJ liquidity and the RBA seemingly firmly on hold, we hold a neutral bias on AUD at current levels”.

“AUD should outperform on crosses here e.g. AUD/JPY and EUR/AUD”.

“For NZD, the inability to crack the 0.7660/ 0.7710 level last week leaves our overall view close to neutral this week”.

“However, our medium term signals and views remain bearish”.

“A break of 0.7660 should be taken as a signal to increase that bearish view”.

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