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AUD/NZD: Bullish outlook intact - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, notes that the bullish outlook for the AUD/NZD remains intact.

Key Quotes

"Australia’s July unemployment shock jolted AUD/NZD but is not likely to be a trend-changer for the pair. With the RBNZ’s rate hike pause being reinforced by sliding dairy prices and RBNZ intervention still a risk, the kiwi should soften on crosses multi-week/month."

"We see the RBA holding steady into 2015, in contrast to current pricing implying almost 50% chance of a cut. Resistance around AUD/NZD 1.1050 may take some time to give way but then opens up 1.12. Any near term dips to around 1.09 or ideally a 1.08 handle would be a buying opportunity."

AUD/JPY slowly grinding higher towards 95 handle

AUD/JPY is trading at 94.89, up 0.12% on the day, having posted a daily high at 94.97 and low at 94.70.
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