ANZ FX Strategy Research argues that AUD won’t likely extend further beyond its recent highs noticing that recent rally has already pushed it above fundamental fair value.
“We do not expect that fundamentals can push it any higher and think that global risk appetite now looks extended….The AUD has seen a strong rise over the past couple of weeks as a brief reassessment of the RBA’s bias (which has since been largely unwound) and an increasingly weak USD both took their toll.
We think that this move is increasingly looking overdone. While this fact is easily verified by looking at technical momentum indicators, we have found additional evidence of the lack of sustainability in a number of our proprietary indicators as well,” ANZ argues.
Source: ANZ, eFXnews™
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