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14 Mar 2013
Forex Flash: AUD/USD strategy profile – Westpac
The data calendar turns very quiet but there is always interest in the minutes from the RBA Board meeting (Tuesday). This is also the day we hear speeches from RBA’s Debelle and Lowe. The RBA’s general tone should remain cautious, maintaining an easing bias.
According to the Westpac Strategy Team, “There seems little chance Australian employment really jumped by 72K last month, through the statistical noise, the data flow has picked up somewhat, providing a handy jolt to the AUD/USD and on crosses. Yet USD bulls seem too powerful near-term for the AUD/USD to sustain a break of the 100-day MA at 1.0404.”
Ultimately, “The pair should trade the upper end of a 1.02-1.0400 range for now. However, the AUD should be well supported on crosses such as NZD, CAD, JPY and especially EUR, less so versus GBP, after its huge rally.”
According to the Westpac Strategy Team, “There seems little chance Australian employment really jumped by 72K last month, through the statistical noise, the data flow has picked up somewhat, providing a handy jolt to the AUD/USD and on crosses. Yet USD bulls seem too powerful near-term for the AUD/USD to sustain a break of the 100-day MA at 1.0404.”
Ultimately, “The pair should trade the upper end of a 1.02-1.0400 range for now. However, the AUD should be well supported on crosses such as NZD, CAD, JPY and especially EUR, less so versus GBP, after its huge rally.”