7 May 2015
Buy the dip in AUD/USD towards 0.78 – Westpac
FXStreet (Edinburgh) - Sean Callow, Strategist at Westpac, sees the drops to the area of 0.7800 as opportunities to go long.
Key Quotes
“In contrast to last year where the budget delivered a blow to consumer confidence, indications for Tue seem more benign”.
“This could combine with the RBA’s more optimistic tone to support confidence in the economic outlook, even as lower 2015 growth forecasts are confirmed”.
“AUD/USD should find buyers on dips below 0.7800 over the week, with price action to remain choppy”.
“Yet we retain our neutral weekly bias, as yet unconvinced by the commodity price bounce so long as Chinese growth momentum keeps decelerating”.
Key Quotes
“In contrast to last year where the budget delivered a blow to consumer confidence, indications for Tue seem more benign”.
“This could combine with the RBA’s more optimistic tone to support confidence in the economic outlook, even as lower 2015 growth forecasts are confirmed”.
“AUD/USD should find buyers on dips below 0.7800 over the week, with price action to remain choppy”.
“Yet we retain our neutral weekly bias, as yet unconvinced by the commodity price bounce so long as Chinese growth momentum keeps decelerating”.