Supported risk appetite helped the AUD overcome the downgrade in credit rating outlook to outperform across the G-10 space and the AUD/USD hammered the 0.6200 resistance, per OCBC Bank.
“The AUD/USD breached the 0.6200 resistance, as stabilizing risk appetite offset the S&P’s cut of Australia’s credit-rating outlook.”
“If the pair sustains above 0.6200, there may be a renewed upside momentum into next week.”
“Note also that short-term implied valuations have pushed higher, while spot still lags even after the recent extension higher.”
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.