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11 May 2015
AUD/USD dips to find support at 0.7859 – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, expects AUD/USD to remain comfortable in a 0.7859-0.8025 range.
Key Quotes
“Despite the ‘disappointing’ RBA monetary policy statement on Friday, the subsequent US NFP numbers managed to leave the pair higher on the day.”
“Expect the weekend rate cuts out of China to act as a balm for global sentiment while on the CFTC front, we note that net leveraged AUD shorts were pared for the third consecutive week.”
“In the interim, expect the pair to find good support on dips towards the 100-day MA (0.7859) with the top end expected to be cordoned off by 0.8025.”
Key Quotes
“Despite the ‘disappointing’ RBA monetary policy statement on Friday, the subsequent US NFP numbers managed to leave the pair higher on the day.”
“Expect the weekend rate cuts out of China to act as a balm for global sentiment while on the CFTC front, we note that net leveraged AUD shorts were pared for the third consecutive week.”
“In the interim, expect the pair to find good support on dips towards the 100-day MA (0.7859) with the top end expected to be cordoned off by 0.8025.”