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AUDNZD: Strength ahead, dips likely to offer buying opportunity - Westpac

FXStreet (Delhi) – Sean Callow, Research Analyst at Wespac, suggests that AUD/NZD has overwhelmingly traded 1.09-1.14 since end-June, mostly showing little inclination to break out. However, the RBNZ’s Sep MPS reinforced our expectation that ranges will ratchet higher in coming weeks and months.

Key Quotes

“While we expect a steady hand at the RBNZ’s 29 Oct policy review, any fall in AUD/NZD in response should be viewed as a buying opportunity, with the OCR ultimately likely to fall considerably further than current market pricing.”

“In contrast, the RBA should keep the cash rate steady into 2016, supporting AUD with optimism over stronger growth ahead. Short term we would look to buy dips in AUD/NZD to the 1.11 handle, targeting 1.1430/60 multi-week and above 1.16 multi-month.”

AUD/JPY trades below 86.00

The AUD/JPY pair, which is increasingly being tracked to gauge overall sentiment in the markets, is trading sideways just below 86.00 levels.
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Safe-havens bid in quiet Asia, a data-dry EUR calendar ahead

Asia-Pac currencies were little changed in an otherwise quiet Asian session, with little on the data front for the region and Japanese markets closed for the second day of their three-day break.
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