FX

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

Germany November final manufacturing PMI 46.2 vs 46.7 prelim
Dollar Selloff Extends after PCE Inflation, Breaking to the Downside
EUR/JPY struggles below 143.80 as Eurozone inflation slowdown weakens hawkish ECB bets
Watch Fed Chair Jerome Powell speak on the economy and monetary policy
Kharif foodgrain production may drop up to 6% in 2022-23: Origo Commodities

Leave a Reply

Your email address will not be published.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