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

Dollar poised to wrap up its worst month in over a decade
USDJPY working on it’s 3rd day down.
EUR/USD Price Analysis: Aims to conquer 200-day EMA as risk profile soars
The forex week ahead. A look a the risk and bias defining levels for week starting Nov 28
Transitory inflation talk is back. But economists say higher prices are here to stay

Leave a Reply

Your email address will not be published. Required fields are marked *