The analytic team of Deutsche Bank assumes that the Australian Dollar exchange rate is rather overpriced. They say the real exchange rate of AUDUSD should be slightly higher than the parity level. Nevertheless, they assume that the currency pair will keep rallying up to October’s target levels. The analysts also expect a rally in the market of GBPAUD.
In the meantime, the Department of Masterforex-V Trading System reports that AUDUSD keeps developing its long-term uptrend. It is currently forming sub-wave C inside wave C(C ) of Daily2. A break above the local high will give way to further strengthening. The closest levels of resistance are 1.0697/700, 1.0709, 1.0751, 1.0780 and 1.0754. The end of the rally can be considered once the price breaks below the MF pivot 1.0444. and comes out of the internal MF sloping channel (as shown below):
