AUD/USD expected to keep the 0.7400-0.7650 range – Westpac

By FXStreet Sean Callow, Strategist at Westpac, expects the Aussie dollar to trade within the 0.7400-0.7650 range in the near term.

Key Quotes

“AUD/USD’s fall on the RBA rate cut was extended by a wave of USD short-covering and softer commodity prices”.

“Should this continue, AUD may threaten the 100dma at 0.7335. But with reports of Chinese steel mills reopening and data momentum still decent, we don’t see sustained falls in industrial commodities near term”.

“Moreover, solid Aust data should limit enthusiasm to price in another RBA move, with very little likely to be priced for Jun or Jul. AUD/USD should trade a broad 0.7400-0.7650 range”.
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Source:: FX Street