AUD/USD: rebounds unlikely to get through 0.74 handle - Westpac

Analysts at Westpac gave their outlook for AUD/USD.

Key Quotes:

"AUD/USD 1 day: (0.7355) Although 0.7320-30 did provide support and the recent slide appears to be overly extended, rebounds are unlikely to manage a push back above 0.7400.

 AUD/USD 1-3 month: The modestly weaker than expected Australian CPI outcome has added yet another factor capping the A$: softer commodity prices; a more protectionist stance from US President Trump, and higher US yields if the Fed raises rates in June as we expect. These leave the A$ with strong resistance at 0.76. We expect to see it heading towards 0.72 by year end."