Flash: AUD/USD downside limited by record net short spec positions? - Westpac

FXstreet.com (Barcelona) - Westpac strategists note that the RBA’s rate cut with neutral outlook is a modest positive but perhaps not durable into next week given Friday’s SoMP should include a cut in the 2014 growth forecast.

Key Quotes

“AUD crosses should remain mixed at best but perhaps a pause is in order so long as Jul unemployment isn't too weak.”

“The fresh record net short spec AUD/USD position should help limit AUD/USD downside to the mid-0.88s, with a probe of 0.91/0.9150 now looking plausible.”