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Economists at ANZ Bank think optimism is overdone, given the depth of weakness of the global economy and expect renewed weakness in AUD, though not as weak as in March.

Key quotes

“While we don’t expect AUD/CNH to retest March’s low, the risk is on the downside.” 

“On the top, a key level to watch is 4.754.80, which we expect to hold and is a good level to sell the cross.” 

“Buyers could await better levels to pick up the cross when investor sentiment turns cautious.”