FXStreet reports that economists at Westpac discuss AUD/USD prospects.

“RBA Governor Lowe repeated that the aussie ‘remains in the upper end of the range of recent years’ and asserted that the RBA’s various monetary measures contribute ‘to a lower exchange rate than otherwise’. There was very little comment on global developments but ‘global trade has picked up and commodity prices are mostly higher than at the start of the year’.”

“The accelerating US recovery is underpinning global risk appetite. Still, the US’s stark outperformance of the Eurozone on virus control and vaccine rollout should keep Dollar Index underpinned for now, indirectly capping AUD/USD rallies. The aussie should continue to find support on dips to the mid-0.75s but is likely capped for now in the 0.7700 area. A return to the 0.80 handle may have to wait until Q3.”