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29 Jun 2015
Outlook for AUD/USD and crosses – ANZ
FXStreet (Barcelona) - The Team at ANZ gives the outlook and expected ranges for AUD/USD and crosses.
Key Quotes
“AUD/USD: Uncertainty will reign and with little economic data set for release it will dominate the AUD. Positioning in the AUD is very light and as such, should market sentiment deteriorate further, the AUD will hit a fresh cycle low.
Expected range: 0.7250 – 0.7955”
“AUD/NZD: Both AUD and NZD should have a similar reaction function to the Greek news and the RRR cut by China, keeping this cross fundamentally unchanged. However liquidity will be at a premium this morning so this cross is likely to have large ranges.
Expected range: 1.0990 – 1.1360”
“AUD/EUR: The only thing we truly know is that we don’t know what is going to happen from here. EUR is initially under pressure, but negotiations have been deteriorating for the entire month of June, and the EUR has strengthened.
Expected range: 0.6740 – 0.7230”
“AUD/JPY: This cross should be offered as the ‘risky’ AUD is offered, and the safe haven of JPY is sought. 90 remains a key downside level in this cross.
Expected range: 90.00 – 96.40”
“AUD/GBP: GBP will be in demand against EUR, but it is still a European currency so should see some correlation to EUR.
Expected range: 0.4670 – 0.5060”
Key Quotes
“AUD/USD: Uncertainty will reign and with little economic data set for release it will dominate the AUD. Positioning in the AUD is very light and as such, should market sentiment deteriorate further, the AUD will hit a fresh cycle low.
Expected range: 0.7250 – 0.7955”
“AUD/NZD: Both AUD and NZD should have a similar reaction function to the Greek news and the RRR cut by China, keeping this cross fundamentally unchanged. However liquidity will be at a premium this morning so this cross is likely to have large ranges.
Expected range: 1.0990 – 1.1360”
“AUD/EUR: The only thing we truly know is that we don’t know what is going to happen from here. EUR is initially under pressure, but negotiations have been deteriorating for the entire month of June, and the EUR has strengthened.
Expected range: 0.6740 – 0.7230”
“AUD/JPY: This cross should be offered as the ‘risky’ AUD is offered, and the safe haven of JPY is sought. 90 remains a key downside level in this cross.
Expected range: 90.00 – 96.40”
“AUD/GBP: GBP will be in demand against EUR, but it is still a European currency so should see some correlation to EUR.
Expected range: 0.4670 – 0.5060”