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Forex Flash: AUD/USD retracement in the cards – Westpac

FXstreet.com (Barcelona) - The AUD/USDs major moving averages have converged in recent weeks, with spot paying little attention to these levels. Shorter-term, support looks to lie around 1.0260 then 1.0225, the 76.4% retracement of the 1.0115 – 1.0583 March-April range (intraday levels).

The AUD/USD has now spent 7% of its post-1983 trading days above 1.00. The 1.00- 1.0500 band is increasingly familiar, capturing more trade than either 0.95-1.00 or >1.05. According to Global FX Strategist Sean Callow at Westpac, “There remains no reason to expect a return to anywhere close to the long term average of 0.7552 given commodity prices which can still be considered high in historical terms (albeit falling substantially since 2011) and the ongoing contrast between the Fed’s extraordinarily loose monetary policy and the RBAs accommodative but not extraordinary stance.”

Forex: USD/CHF jumps above 0.9300

After declining around 40 pips from 0.9315 to 0.9275 in the early American session, the USD/CHF has bounced at this level to trade above the 0.9300 level and to test intra-day highs at around 0.9330.
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