AUD/USD: Loss of 0.7200 support implies more downside near-term – OCBC

AUD/USD has lost its support level at 0.7200. Economists at OCBC believe that this move opens the door to see more downside towards 0.7100.

Upside momentum faded

“The loss of the 0.7200 support could imply more downside for the AUD/USD in the immediate horizon.”

“Supports neatly layered on the way down to 0.7100.”

“Positive moves by the PBoC to support the Chinese economy could ultimately be AUD-supportive at the margins.”