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AUD/USD: looking for 0.7100 - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Imre Speizer, Strategist at Westpac, noted that the Aussie dollar reach 1 month highs, even as iron ore printed post-GFC lows.

    "We didn’t expect 1 month highs this week, perhaps underestimating M&A-driven demand.

    This should help insulate AUD/USD on any near term dips towards 0.7100. A steady RBA and reasonable (not great) GDP growth also argue for AUD/USD trading ranges.

    But 0.7300 and especially 0.7380 should be strong resistance given the gloomy commodity price outlook and a positive USD mood. AUD bulls should have more luck against NZD and EUR."
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