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AUD: Trading under stress – Westpac

FXStreet (Delhi) – Sean Callow, Research Analyst at Westpac, suggests that it’s a little wonder then that AUD/USD stayed on the back foot, its attempt to rally in London fizzling out above 0.7060, sliding as low as 0.6989 in NY, hovering around 0.7000 early Sydney.

Key Quotes

“Spot iron ore prices didn’t help, falling for a third straight day, -1.6% to $55.30/tonne. AUD/USD is probably a little oversold so it should avoid a test of 0.6950 support for now but the bullish case post-FOMC seems to have faded. Rallies to 0.7035-45 should meet keen sellers.”

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