AUD/USD: looking for 0.7100 – Westpac

By FXStreet FXStreet (Guatemala) – Imre Speizer, Strategist at Westpac, noted that the Aussie dollar reach 1 month highs, even as iron ore printed post-GFC lows.

“We didn’t expect 1 month highs this week, perhaps underestimating M&A-driven demand.

This should help insulate AUD/USD on any near term dips towards 0.7100. A steady RBA and reasonable (not great) GDP growth also argue for AUD/USD trading ranges.

But 0.7300 and especially 0.7380 should be strong resistance given the gloomy commodity price outlook and a positive USD mood. AUD bulls should have more luck against NZD and EUR.”
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Source:: FX Street