Buy AUD at 0.7585, stop 0.7495 - Westpac

Research Team at Westpac, suggests that the AUD/USD was rebuffed after probing above 0.78 last week, but looks in good shape into May.

Key Quotes

“Iron ore prices remain well above the 2015 average, while pricing for an RBA rate cut next week should not move much after Q1 CPI. We look for the USD to emerge softer from the FOMC meeting and US Q1 GDP, while any BoJ policy change this week should support risk appetite.

All up, this should leave AUD/USD pushing back above 0.78 over the week, having found support on any dips towards 0.76. Over the next month or so, AUD/USD could probe above 0.80, without altering our expectation that it will be back to 0.74 by September.”