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Westpac recommend selling AUD/USD at.........>

AUSSIE
AUSSIE: Westpac recommend selling AUD/USD at $0.7085 with a target of $0.6960 &
a stop at $0.7120.
- Westpac "look to sell AUD into position squeezes. The RBA remained on hold
with a less emphatic easing bias than anticipated and now leaves the market
short AUD. The RBA highlighted that AUD was at the lower end of its recent
range, they do not see AUD as overvalued. Iron ore production from Brazil is
being reduced, this should maintain AU exports at elevated levels but the risk
of the U.S. imposing trade tariffs on China is likely to severely limit AUD
upside. Concern over the outcome in the approaching 18th May Federal Elections
should also weigh on AUD."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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