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AUD/USD could attempt a base around 0.7168 – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the pair looking to stabilize in the 0.7170 area.

Key Quotes

“Domestic focus for the pair comes in the form of 3Q CPI readings on Wednesday but in the interim, expect risk appetite and USD fluctuations to hold greater sway”.

“As alluded to above, the latest PBOC easing has not precipitated an undue amount of market optimism, unlike previous episodes. In the near term, expect the AUD-USD to attempt to base out at its 55-day MA (0.7168), with net leveraged AUD shorts on the CFTC front also ticking higher in the latest week”.

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