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AUD/USD now looks to 0.7100 – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, expects the Aussie dollar to gyrate around the 0.71 handle pending cues from the Fed and the RBA.

Key Quotes

“The relative vulnerability of the cyclicals coupled with discouraging domestic news flow in the face of the latest FOMC may keep the likes of the AUD on the defensive”.

“After slicing clean through the 55-day MA (0.7156) the pair is expected to contemplate the 0.7100 floor ahead of the 0.7050 neighborhood, especially with market participants still mulling the potential for a RBA rate cut”.

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