12 Nov 2015
AUD/USD faces tough resistance at 0.7170/0.7200 – OCBC
FXStreet (Edinburgh) - According to Emmanuel Ng, FX Strategist at OCBC Bank, the Aussie dollar could face strong resistance around 0.7170/0.7200.
Key Quotes
“This significant upside surprise in the October Australian labor market numbers may serve to prop up the pair intra-day with markets now pricing out any odds of a December rate cut”.
“However, the global macro backdrop remains less than encouraging and a decisive break above 0.7170- 0.7200 may have to be on the back of any disappointment towards dollar prospects”.
Key Quotes
“This significant upside surprise in the October Australian labor market numbers may serve to prop up the pair intra-day with markets now pricing out any odds of a December rate cut”.
“However, the global macro backdrop remains less than encouraging and a decisive break above 0.7170- 0.7200 may have to be on the back of any disappointment towards dollar prospects”.