The Australian dollar trades right at 70-cents, what Westpac sees next

AUD/USD is trading at the 0.7000 handle, up 0.3% (21 pips) at the start of the week, with Westpac describing the pair’s July uptrend as still intact but fragile. Analysts say Friday’s rebound from 0.6965 support helped preserve the range, though repeated failures above 0.7000 and mixed geopolitical headlines limit upside. The bank expects this week’s event risk—RBA Governor Bullock, Q2/June CPI, and the FOMC—to decide whether AUD/USD stays supported or breaks lower. Westpac flags 0.6965 as key support; a Fed hike could push AUD into the low-0.69s, while a strong Australian CPI could revive tighter RBA pricing and help the currency hold above support. Westpac still sees AUD/USD reaching 0.7250-0.7300 in the second half of the year if commodity demand and risk sentiment improve.