1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

AUD/USD: Positive risk sentiment could see test of 0.7270/80 levels - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Delhi) - Sean Callow, Research Analyst at Wespac, notes that the AUD/USD pair has extended a five-day old rally from 0.7190 late Asia to 0.7235 and is consolidating around 0.7210 and the positive risk mood could see the Aussie test 0.7270/80 multi-session but overall we doubt AUD gains will be sustained until we see better news from China.

    Key Quotes

    “Outperformer NZD rose from 0.6550 to 0.6648 – a six-week high, then eased to 0.6610. AUD/NZD continued to slip, from 1.0900 to 1.0863 – a four-month low – before grinding back to 1.0900.”

    “China’s markets reopen after a one week holiday. The Shanghai Composite will have plenty of catching up to do.”

    “USD/majors is weaker and USD/CNH is more than a big figure lower, around 6.3475. This points to a lower USD/CNY fixing but it is hard to see the motivation for an aggressive move lower. A fixing around 6.3500 seems reasonable but will take a few days to see whether there is a change in the skew of fixings now that President Xi’s visit to the US is complete and the USD mood is less robust.”
    For more information, read our latest forex news.
     

Share This Page