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AUD/USD expected to trade close to the 0.8800/20 area - OCBC Bank

FXStreet (Łódź) - Emmanuel Ng, FX Strategist at OCBC Bank believes that for now AUD/USD should continue trading at 0.8800/20 levels.

Key Quotes

"A positive risk complexion and slightly better than expected September private sector credit numbers this morning may keep the pair supported within recent ranges."

"We note that the failure of the FOMC to puncture the bottom end of the AUD-USD’s recent ranges may be indicative of several underlying themes."

"There may remain sufficient background optimism towards an eventual global economic bottoming and to this end, watch for weekend cues out of China (implying no abandonment of the search for yield)."

"Dollar price action would still require obvious complicity from counterpart central banks (i.e., ECB, BOJ)."

"Market’s expectation of outright broad dollar strength remains moderate and selective at this juncture."

"In the interim, the AUD-USD may continue to anchor itself around the 0.8800/20 neighborhood."

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