AUD/USD rangebound between 0.6950-0.7250 – Westpac

By FXStreet Sean Callow, Strategist at Westpac, sees the pair trading in a consolidative range between 0.6950 and 0.7250 for the time being.

Key Quotes

“Local news flow has been mostly low key, leaving AUD’s focus off shore”.

“Lunar new year across Asia argues against over-interpretation of both AUD’s outsized decline on the US jobs data and its resilience in the face of nasty equity price action, especially in Europe and Japan”.

“Broad range-trading seems set to continue, with 0.6950-0.7250 to capture most trade”.

“If DXY does find its feet as we suspect, AUD/USD downside should be limited by the accompanying calmer global mood. The 25% chance of an RBA rate cut in March should start to shrink soon”.
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Source:: FX Street