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AUD/USD: headed towards 0.7750 March peak - Westpac

For AUD/USD, analysts at ANZ suggested that this five-day old impressive run has potential to reach 0.7750 – the March peak.


Key Quotes:


"AUD/USD 1-3 month: Much of AUD/USD's 3 cent gain in June was driven by broad US dollar weakness. But there has also been a partial recovery in Australia's key commodity prices, after very steep declines in April and May. 


While a return to June's commodity price lows is unlikely in coming weeks, we doubt there will be fuel for sustained gains much beyond the 0.77 handle. A firmly on hold RBA is also likely to keep a lid on AUD/USD, easing to 0.74 by September."

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