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AUD/USD capped by 0.9340/50 – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group see the upside attempts limited by the area of 0.9340/50.

Key Quotes

AUD/USD begins the week having traded 2 month lows but at least avoiding a test of 0.9200”.

“Friday’s sharp recovery in US equities helps the Aussie start the week calmly but the rest of the week should be more mixed”.

“Pricing for another RBA rate cut reached around 70% on Friday but has been trimmed to 50% on the bounce in risk”.

“Rate cut talk shouldn’t be encouraged by local data: we look for decent readings on business and consumer sentiment. Commodity price signals are firmly neutral”.

“0.9340/50 should cap the pair near term, with bears likely to have ongoing news-flow from Ukraine and Iraq to prevent a still arguably overvalued AUD from sustaining rallies”.

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