4 Jul 2013
Flash: AUD/USD well below its MA – Westpac
FXstreet.com (New York) - According to Sean Callow, a Global FX Strategist at Westpac, “The AUD/USD is of course well below its major moving averages – short-term support should lie around the recent 0.9110 low while resistance bands loom in the mid-0.93s, then 0.9400.”
Trade-weighted AUD tumbled almost -10% in Q2. This went a long way to addressing the apparent AUD overvaluation (particularly against commodity prices) that had been concerning the RBA. Westpac now sees AUD as being close to fair value but the RBA of course plays its cards close to its chest, saying only that further declines are possible.
Trade-weighted AUD tumbled almost -10% in Q2. This went a long way to addressing the apparent AUD overvaluation (particularly against commodity prices) that had been concerning the RBA. Westpac now sees AUD as being close to fair value but the RBA of course plays its cards close to its chest, saying only that further declines are possible.