AUD/USD: Downside momentum still intact – OCBC

In the near-term, the AUD/USD pair is still effectively within recently established ranges. The key level is 0.6000, according to Terence Wu, an FX strategist at OCBC Bank.

Key quotes

“The move to 0.6000 was rejected, as the pair settled near 0.6050.”

“Note that short term implied valuations remain elevated as the pair edges lower.”

“Bounces are reducing in altitude and this leaves the downside momentum still intact. Continue to expect the 0.6000 level to be breached in the coming sessions.”