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26 Feb 2015
Downside expected in AUD/USD while 0.79 would hold – Westpac
FXStreet (Edinburgh) - Strategist Sean Callow at Westpac sees the prospect of a moderate descent in the upcoming week.
Key Quotes
“A slightly softer USD tone helps insulate AUD/USD even on an RBA cut on Tue, so high 0.76s/low 0.77s might be the extent of the downside”.
“A busy data calendar should paint a mixed rather than overly bearish picture”.
“But commodity prices post-LNY remain a drag on AUD and even a steady hand at the RBA would be accompanied by dovish language”.
“Look for 0.7900 to hold firm, with overall modest downward bias over the week”.
Key Quotes
“A slightly softer USD tone helps insulate AUD/USD even on an RBA cut on Tue, so high 0.76s/low 0.77s might be the extent of the downside”.
“A busy data calendar should paint a mixed rather than overly bearish picture”.
“But commodity prices post-LNY remain a drag on AUD and even a steady hand at the RBA would be accompanied by dovish language”.
“Look for 0.7900 to hold firm, with overall modest downward bias over the week”.