AUD/USD: 0.7140-0.7220 range to hold – OCBC

The AUD/USD pair lacks any firm directional bias on Wednesday and remained confined in a range around the 0.7200 mark. Terence Wu, FX Strategist at OCBC Bank, expects the aussie to remain between 0.7140-0.7220 range.

Key quotes

“The AUD/USD remains capped below the 0.7200/20 area even as risk sentiment ticked higher. Topside momentum looking increasingly exhausted.” 

“Do not rule out the pair (together with NZD/USD) leading the way lower if risk and the recovery theme sours.” 

“For now, expect the range between 0.7140 and 0.7220 to hold.”