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6 May 2015
AUD/USD long for 0.8100 – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, maintains the long position on AUD/USD, expecting the recovery in commodities and the effect from RBA’s policy statement to push the pair higher towards 0.8100.
Key Quotes
“The RBA delivered a widely expected 25bp rate cut to 2.00% on Tuesday but the accompanying statement was slightly incongruent with the implication of the rate cut. We continue to stay with our 20 Apr 15 recommendation to be tactically long AUD-USD from 0.7807, targeting 0.8100.”
“The AUD-USD may continue to stay afloat on the overnight recovery in commodities and the reverberations form the RBA’s latest meeting statement.”
“In the interim, the pair may remain hemmed in by the 100-day MA (0.7865) and 0.8000.”
Key Quotes
“The RBA delivered a widely expected 25bp rate cut to 2.00% on Tuesday but the accompanying statement was slightly incongruent with the implication of the rate cut. We continue to stay with our 20 Apr 15 recommendation to be tactically long AUD-USD from 0.7807, targeting 0.8100.”
“The AUD-USD may continue to stay afloat on the overnight recovery in commodities and the reverberations form the RBA’s latest meeting statement.”
“In the interim, the pair may remain hemmed in by the 100-day MA (0.7865) and 0.8000.”