Record long speculative positioning is a headwind for AUD/USD, says Westpac Bank senior strategist Imre Speizer in a morning note. The pair is at 1.0487 early in New Zealand vs 1.0465 late Monday. He says the rally since Nov 16 looks complete at 1.0516, a level touched on Dec 7. He expects a correction down toward the 1.0430-1.0460 area in the short-term. Over the next month, he says it may correct toward 1.0400, weighed by US fiscal negotiations, before resuming its move higher.
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