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AUD/USD upside could struggle near 0.7350 – OCBC

FXStreet (Edinburgh) - The upside momentum in the Aussie dollar could fin a strong resistance in the mid-0.7300s, according to Emmanuel Ng, FX Strategist at OCBC Bank.

Key Quotes

“Although rate cut expectations surrounding the RBA have continued to gain traction of late, note that net CFTC leveraged AUD shorts continued to be pared for the 3rd consecutive week”.

“In the near term, the pair may find interest to bounce on dips but this would have to be predicated on China/risk appetite news flow in the near term”.

“Expect the 55-day MA (0.7182) to offer support on initial dips while the 0.7350 resistance zone should shelter in the interim”.

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