AUD/USD set to challenge support 0.7050 – Westpac

AUD/USD is probing lows since February despite a couple of key fundamental positives this week. Economists at Westpac expect the pair to test support around 0.7050, then 0.6985.

China’s economy is weighing on the aussie

“AUD’s underperformance despite high CPI and energy price surge suggests China covid situation is weighing, a cloud unlikely to lift near-term.”

“In the week ahead, risks are for a test of support around 0.7050, then 0.6985. But year-end target remains 0.76.”