AUD/USD dipped sharply on Friday, leaving the bounce off 0.7000 looking like it has topped off. The aussie needs to surpass the 0.7200/50 zone to to shake off downside bias, in the opinion of analysts at OCBC Bank.

Back to negative bias

“The spectre of 0.7000 cannot be fully lifted just yet, and the relatively dovish RBA will not be providing positive drivers.”

“The pair will need a clearer move towards 0.7200/50 to shake off downside bias.”