FXStreet reports that economists at Westpac stick to the view of a period of AUD/USD consolidation near-term.

“AUD/USD is probing higher, 0.7780 the next target. Since the US dollar typically underperforms in global economic upswings, dips in AUD/USD should be shallow. However, there are some brakes on further gains near-term, including upward pressure on US Treasury yields following the Democrats’ recapturing of Senate control, the RBA’s haste to announce another AUD100 B QE program, ongoing pain for Australia’s tourism and education exports, and tensions with China which will hurt both investment and exports.”