AUD/USD: Potential top at 0.70, consolidative mode between 0.69-0.70 – OCBC
|Terence Wu, an FX strategists at OCBC Bank, has noted that the aussie is lacking strength after hitting the 0.70 level and thinks the AUD/USD pair may have marked a top there.
Read: AUD/USD seen receding to the 0.6820 region – UOB
Key quotes
“AUD/USD found limited traction above the 0.7000 mark. Note that short-term implied valuations have started to tip south.”
“For now, we still expect consolidative action between 0.6900 and 0.7000, at least until the FOMC decision."
“Meanwhile, note that China has continued to pick fights with Australia, this time reminding its students to carefully assess risks before deciding to return to Australia for studies.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.