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Westpac: AUDUSD – Supported By Strong Aussie Data And Iron Ore Gains

0.7221 is AUD/USD low water-mark since it hit 0.7257 intra-week high in AsiaJump to 0.7257 spurred by strong Australian Dec jobs dataHigher commodity prices, including iron ore, are also positive for AUDSee: . Iron ore is Australia’s single biggest export earnerShort-covering helped inflate AUD/NZD to six-month high of 1.0701 in AsiaIMM net AUD short at all-time high in week ended Jan 11 vs net NZD long. Possible short-squeeze, prepositioning and new bullish run – first target 1.08AUDUSD – we expect test of the resistance level around 0.73 till the end of the week, if there is a break most probably the new upward movement will go to next important level around 0.75 Median long-term price of the banks for AUDUSD also…

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 Head of Trading Dimitar Kalapov

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