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

WSJ Timiraos: The Fed decision likely be dependent on market response in coming days
Credit Suisse: At least 4 global banks have put restrictions on new dealings w/ CS group
Oil hits lowest since 2021 on banking fears
European stock markets start the week with a big rally

Leave a Reply

Your email address will not be published.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