- AUD/USD to extend its slide on a break below 0.74 – OCBC
Market news
11 April 2022
AUD/USD to extend its slide on a break below 0.74 – OCBC
AUD/USD has broken under the 0.7450 support. Therefore, economists at OCBC Bank expect the aussie to suffer additional losses with the next support located at the 0.74 level.
Turn negative
“The breach of the 0.7450 support points to a negative technical setup.”
“The commodity complex has entered a consolidative phase, while crude oil prices are testing key downside supports. Thus, the AUD/USD may have lost one engine for its upside surge. Do not rule out further downside extension for now.”
“First target at 0.7400, before stronger support at the 0.7300/10 zone.”
Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimerOpen Demo Account & Personal Page