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Analysts: AUD/USD targets $0.9510/15

According to analysts at Morgan Stanleythe yesterday's break through the $0.9325/55 resistance zone on Monday represents a bullish development for AUD/USD. "Note that a push above this key level implies a test of the $0.9500/10 zone, near the 38.2% retracement of the decline from April and a perceived max for any extended corrective phase."

Strategists at Westpac agree: "AUD/USD has scope to appreciate towards $0.94s first, potentially $0.9515 Fibonacci retracement by late this month. Yet the US should be key on the week, with pursuit of the diplomatic path on Syria providing background support and the FOMC decision likely to be cautious enough to leave USD on the defensive, with AUD to benefit more than most." However, they still expect to see the Aussie rate lower by year-end.

Chart. Daily AUD/USD

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