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AUD/USD to find support on dips – OCBC

FXStreet (Barcelona) - Research Analysts at OCBC Bank note that AUD/USD pair is expected to find support on dips in near term on the back of PBOC’s latest rate cuts.

Key Quotes

“The AUD/USD pair may find support on near term dips with the growth-linked currencies expected to bask in the glow of the PBOC’s latest rate cuts in the near term. As such, a meaningful test of the 0.8600 support may have been averted for now.”

“On the CFTC front, net leveraged AUD shorts were pared for the second consecutive week, underpinning the notion that the search for yield remains alive despite the strong dollar narrative. Directionally, we continue to remain neutral on the pair in the short term.”

GBP/USD is being capped by the 1.5721/33 Fibonacci cluster – Commerzbank

Axel Rudolph, Analyst at Commerzbank believes that the GBP /USD pair formed a minor low at 1.5592 last week but the 1.5721/33 61.8% Fibonacci cluster needs to be overcome for this to be confirmed.
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