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17 Mar 2015
AUD is a convincing short - Westpac
FXStreet (Guatemala) - Analysts at Westpac Banking corporation explained that they added a short AUD/USD position, opened at 0.7655.
Key Quotes:
"Our conviction levels for shorting AUD have risen materially, all three inputs - model, macro and technical - bearish AUD vs just one negative input last week."
"New multi-year lows on key commodity prices and not coincidental soft China IP growth in Jan-Feb add to the background gloom for AUD."
"Still, with AUD arguably not far above fair value and RBA April easing odds on the backfoot we are reluctant to be too aggressive on AUD/USD downside targets, eyeing 0.75 over one month."
Key Quotes:
"Our conviction levels for shorting AUD have risen materially, all three inputs - model, macro and technical - bearish AUD vs just one negative input last week."
"New multi-year lows on key commodity prices and not coincidental soft China IP growth in Jan-Feb add to the background gloom for AUD."
"Still, with AUD arguably not far above fair value and RBA April easing odds on the backfoot we are reluctant to be too aggressive on AUD/USD downside targets, eyeing 0.75 over one month."