Resilience of industrial commodities and RBA reluctance to highlight new policy options plus underlying USD softness suggest a retest of high 0.72s, in the opinion of analysts at Westpac. The aussie drops 0.41% to trade at 0.7151, from multi-month highs reached at 0.7276 a day before. Key quotes “China’s ongoing recovery continues to underpin demand for industrial commodities. Of course, not all commodities are so buoyant but Westpac’s export-weighted commodity price index does provide substantial backing for the Aussie’s push to as high as 0.7276, its strongest point since Feb 2019.” “Global risk appetite remains supportive, with the S&P 500 eking out a record high and MSCI World at highs since Feb. With equities and commodities supportive and positioning moderate, it is hard to argue for substantial AUD reversal. However, the fact that USD bounced sharply simply on some ageing commentary in the FOMC minutes is a reminder that dollar short-covering will happen at times, slowing the AUD/USD up trend.” “With the RBA in watch and wait mode and VIC virus cases trending lower, AUD should find support on dips towards 0.7100 and may well retest the high 0.72s in coming days.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: XAU/USD eyes $1900, head-and-shoulders in play FX Street 2 years Resilience of industrial commodities and RBA reluctance to highlight new policy options plus underlying USD softness suggest a retest of high 0.72s, in the opinion of analysts at Westpac. The aussie drops 0.41% to trade at 0.7151, from multi-month highs reached at 0.7276 a day before. Key quotes “China’s ongoing recovery continues to underpin demand for industrial commodities. Of course, not all commodities are so buoyant but Westpac’s export-weighted commodity price index does provide substantial backing for the Aussie’s push to as high as 0.7276, its strongest point since Feb 2019.” “Global risk appetite remains supportive, with the S&P 500… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
