FXStreet (Bali) – Westpac’s one month EUR/USD target of 1.06 is suddenly looking quite achievable, while AUD/USD should remain under pressure, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
“Our one month EUR/USD target of 1.06 is suddenly looking quite achievable. Friday’s CFTC data showed specs had stopped cutting their EUR shorts last week, but at -47k contracts, leveraged funds are only moderately short EUR, compared to -175k in March.”
“While EUR weakness on crosses is the main story, AUD/USD should remain under pressure near term, likely to probe 0.7550/75 and potentially under key support at 0.7535/40 multi-session.”
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