AUD/USD needs a break above 0.7060 to see a clear uptrend – OCBC

With the various stress points (Sino-US tensions, rising virus incidence) not alleviating and the aussie nearer top end of the range, Terence Wu  from OCBC Bank will not chase AUD/USD higher for now. The bias remains for the pair to revert to a range-bound posture for now while below 0.7060 and with 0.69 holding the downside.

Key quotes

“Four consecutive sessions of gains have seen the AUD/USD move near the top end of its recent ranges. Remain skeptical on a range break at this stage, especially with the usual suspects of risk-off still lurking in the horizon.”

“The aussie may need to extend north of 0.7060 to revert to a clear uptrend. For now, still expect the pair to stay range bound, with 0.6900 as the first support on the downside.”