AUD/USD declines capped around 0.7700 – OCBC Bank

FXStreet (Edinburgh) - In the opinion of FX Strategist at OCBC Bank Emmanuel Ng, further pullbacks in AUD/USD appear to be capped around the 0.7700 support.

Key Quotes

“Instead of trading sideways, AUD broke below the 0.7795 support to touch a low of 0.7728”.

“The down-move appears incomplete and further AUD weakness is expected for today”.

“Expect any rebound to hold below 0.7790 but the downside potential is likely limited to 0.7700”.