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AUD/USD potential for a re-visit of 0.70 – OCBC

FXStreet (Edinburgh) - FX Strategist Emmanuel Ng at OCBC Bank sees the Aussie dollar could re-test the 0.70 handle in the medium term.

Key Quotes

“As noted yesterday, the significant upside surprise in the October Australian labor market numbers kept the AUD aloft on Thursday but expect introspection ahead on the back of the commodity complex vulnerability and the mixed to soft China monetary aggregates for October”.

“Going ahead, if 0.7170 is not breached with the necessary conviction (note that the option market continues to angle for upside in the pair) in the near term, expect the pair to re-visit the low 0.7000s”.

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