AUD/USD set to tick down towards 0.7200 level – OCBC

AUD/USD’s bounce was capped at the 0.7320 resistance. Terence Wu, FX Strategist at OCBC bank, expects the aussie to edge lower to test the 0.7200 level.

Downside bias while below the 0.7300/20 key resistance zone

“The AUD/USD will be a barometer of Evergrande risks in the near-term. Positives have taken it higher, but note that the 0.7300/20 key resistance zone has not been breached, implying that the downside bias is not fully averted.”

“Evergrande aside, the underlying risk-off bias is perhaps more sustained. Prefer to stay the course, looking for downside tests of 0.7200.”

Articles You May Like

Aussie Soft after Employment Data, Dollar On the Strong Side in Quiet Trading
NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit Goel
Dollar Staying Weak, But Yen Turns Lower Too
France’s Macron: There is risk of Russia decoupling Zaporizhzhia nuclear plant
Home Depot beats second-quarter earnings expectations, stands by 2022 guidance

Leave a Reply

Your email address will not be published.