AUD/USD: Sell in May – Westpac

Analysts at Westpac Institutional Bank see the recent strength in the AUD/USD pair as unjustified and likely to be tested in the weeks ahead. 

Key quotes

“We would sell the Aussie at current levels; add to that short on strength to the recent highs at 0.6550 and run a stop on the position at 0.66.” 

“We are forecasting a drop to 0.62 by the end of this quarter while our fair value suggests a drop to 0.61 should be expected. We would target a move to the 0.61/0.62 level to take profit.”