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3 Jun 2015
AUD/USD turning bearish? – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, gives the outlook and key levels for AUD/USD, noting that risk for the pair has now shifted to the upcoming US data releases.
Key Quotes
“AUD is flat, weakening into the NA open, having fully retraced its 0.5% GDP-driven gain. Q1 growth surprised to the upside with a 0.9% Q/Q print, surpassing expectations of 0.7% with a considerable improvement in trade helping to offset a decline in investment.”
“Yield spreads and sentiment (risk reversals) appear to be providing near term support following the RBA and GDP surprises, however the passing of high-level domestic risk now shifts the focus to the broader USD performance in response to key U.S. releases through the end of the week.”
“Near term resistance has been observed at the 100 day MA (0.7810), and Wednesday’s candle appears to be forming a bearish shooting star doji.”
Key Quotes
“AUD is flat, weakening into the NA open, having fully retraced its 0.5% GDP-driven gain. Q1 growth surprised to the upside with a 0.9% Q/Q print, surpassing expectations of 0.7% with a considerable improvement in trade helping to offset a decline in investment.”
“Yield spreads and sentiment (risk reversals) appear to be providing near term support following the RBA and GDP surprises, however the passing of high-level domestic risk now shifts the focus to the broader USD performance in response to key U.S. releases through the end of the week.”
“Near term resistance has been observed at the 100 day MA (0.7810), and Wednesday’s candle appears to be forming a bearish shooting star doji.”