AUD/USD: 0.70 to cushion the downside – Westpac

Economists at Westpac see weakness developing towards 0.70 through the end of the month. But the aussie is expected to find a solid floor at this level.

100-DMA at 0.7245 to cap for now

“The RBA is very likely to hold steady in coming months as many other G10 central banks hike rates, a drag on A$.”

“Commodity price support is much more robust, so dips may be limited to the 0.70 handle rather than below.”

“The 100-DMA at 0.7245 should cap for now.”