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AUD/USD: fade strength towards 0.7400/20 – Westpac
FXStreet (Edinburgh) – Strategists at Westpac believe occasional bullish attempts in the pair could be selling opportunities.
Key Quotes
“Today’s RBA minutes did not really advance the rate bias debate”.
“However, the minutes did highlight that “early indications were that the strength in the March quarter had not carried through to the June quarter” and that “retail sales had been little changed over recent months and liaison suggested that this was likely to have continued into June”.
“On recently softer housing anecdotes, the RBA merely suggested that “any effects of regulators’ greater scrutiny of investor lending were probably not yet evident in the data”.
“Doubtless these are factors that will be in focus at tomorrow’s Anika Foundation event, with implications for the currency. We remain of the view that AUD will decline towards 0.73 by Sep, 0.72 by Dec. Strength towards 0.7400/20 remains a sell”.
“Diverging weekly Bollinger bands and a procession of new lows highlight an impulsive downtrend. Target long term trend support at 0.7250/00”.
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AUD/USD: fade strength towards 0.7400/20 – Westpac
Source: FXStreet
