14 Jul 2014
AUD/USD potential consolidation ahead – Westpac
FXStreet (Edinburgh) - According to analysts at Westpac Global Strategy Group, the Aussie dollar could be poised for a consolidative phase.
Key Quotes
“A quiet slate locally and in the US - plus little risk China’s GDP surprises markets in either direction - points to AUD/USD holding within July’s 0.9347-0.9505 range for now”.
“The general undertow of USD weakness may well see AUD/USD probe the upper end of this range, perhaps 0.9460 resistance”.
“But with commodity prices lacklustre and market speculation about a resumption of the RBA’s easing bias likely to linger, we see downside on AUD crosses such as NZD and GBP”.
“The RBA minutes on Tue should not upset markets already 60% priced for a rate cut by year-end”.
Key Quotes
“A quiet slate locally and in the US - plus little risk China’s GDP surprises markets in either direction - points to AUD/USD holding within July’s 0.9347-0.9505 range for now”.
“The general undertow of USD weakness may well see AUD/USD probe the upper end of this range, perhaps 0.9460 resistance”.
“But with commodity prices lacklustre and market speculation about a resumption of the RBA’s easing bias likely to linger, we see downside on AUD crosses such as NZD and GBP”.
“The RBA minutes on Tue should not upset markets already 60% priced for a rate cut by year-end”.