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AUD/USD has benefited from improved risk sentiment but Q2 should be a tough slog for the global economy. Risks back below 0.60, per Westpac Institutional Bank.

Key quotes

“We switch from down on the week to neutral but our multi-week bias remains to sell rallies.” 

“Momentum could easily extend beyond the Easter holidays, with no major resistance ahead of the 50dma in the high 0.63s.”

“AUD/USD trade above 0.62 seems vulnerable to any return of equity jitters, with sub-0.60 trade our base case during April. More balanced positioning implies fewer shorts to cover too.”