AUD/USD: Double-top bearish reversal gets going – OCBC
|The Australian Dollar (AUD) was a touch softer this morning after net exports came in softer, current account deficit widened, OCBC FX strategists Frances Cheung and Christopher Wong note.
AUD set to break below 0.6730
“This added to suspicion that 2Q GDP print tomorrow (930am SGT release) may be skewed to the downside. Meanwhile further decline in iron ore futures to 20- month low further undermined AUD.”
“Pair was last at 0.6732 levels. Bullish momentum on daily chart is fading while RSI fell. Corrective pullback is underway. Support at 0.6730, 0.6660. Resistance at 0.6830, 0.6870. Focus this week on 2Q GDP (Wed). A softer print should see AUD come under pressure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.