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AUD/USD outlook remains constructive – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, reiterated the constructive outlook on the Aussie dollar.

Key Quotes

“After a knee jerk reaction lower, the AUD-USD subsequently moved higher on Thursday (note supportive China Sep monetary aggregates)”.

“This morning, the pair was undermined slightly again after the RBA noted downside risks to the housing market”.

“Overall, we remain near term constructive on the pair (in line with the short-end vol surface) despite renewed murmurings of a RBA rate cut with support expected into the 55-day MA (0.7183)”.

“On the upside, the pair would have to crack 0.7350 on a sustained basis to establish another leg higher”.

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