Forex Flash: AUD/USD strategy profile – Westpac

FXstreet.com (Barcelona) - The AUD/USD has been better supported than we expected, however the failure to break 1.0500 seems telling. Price action in key commodities is mostly not very encouraging while it is hard for the AUD/USD to stand still when EUR/USD is tanking, threatening to export at least some of Europe’s financial stress to Asia-Pacific.” notes Global FX Strategist Sean Callow at Westpac.

Additionally, domestic news flow should be mixed, with the RBA statement likely to be similar to February’s, retail sales and building approvals to rise only modestly while the trade deficit should surprise on the narrow side. 1.0330 - 1.0500 should capture most trade.