26 Jul 2013
Flash: AUD/USD could retest 0.9300 – Westpac
FXstreet.com (New York) - Global Markets Strategist Sean Callow at Westpac analyzes the short-term outlook of the AUD.
Key quotes
“The quiet local calendar suggests markets make little change to their pricing of the RBA’s Aug decision and might test the patience of specs still holding sizeable short AUD positions (in the futures market at least they are historically large).
Meanwhile, “A lull in China’s data flow probably helps AUD’s cause too. So too does the mostly unimpressive US data of late, seeing our data pulse and surprise indexes tip over. The market’s favorite scapegoat in May-Jun should recapture a little more lost ground on the week.”
“We retain an upward bias on the week, eyeing another test of 0.9300 though only after some probes under 0.9100.”
Key quotes
“The quiet local calendar suggests markets make little change to their pricing of the RBA’s Aug decision and might test the patience of specs still holding sizeable short AUD positions (in the futures market at least they are historically large).
Meanwhile, “A lull in China’s data flow probably helps AUD’s cause too. So too does the mostly unimpressive US data of late, seeing our data pulse and surprise indexes tip over. The market’s favorite scapegoat in May-Jun should recapture a little more lost ground on the week.”
“We retain an upward bias on the week, eyeing another test of 0.9300 though only after some probes under 0.9100.”