AUD/USD is well-supported on dips to the 0.65 zone but gains remain blocked above 0.68 – Scotiabank

Market news

26 July 2023

AUD/USD is well-supported on dips to the 0.65 zone but gains remain blocked above 0.68 – Scotiabank

The AUD has gained a little ground on the weaker USD through mid-year but it remains something of a laggard among the G10 currencies. Economists at Scotiabank analyze AUD/USD outlook.

AUD faces headwinds

Weak regional growth trends, amid slower-than-expected Chinese GDP, plus still-soft terms of trade represent headwinds for the AUD.

Sentiment and positioning remain negative amongst speculative and real money investors.

The RBA may have a little more tightening to do but the policy cycle looks nearly complete, with inflation showing signs of peaking.

Technical trends suggest AUD/USD is well-supported on dips to the 0.65 zone but gains remain blocked above 0.68.

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