AUD/USD runs out of steam ahead of 0.7220/30, immediate support at 0.7150 – OCBC

AUD/USD failed to hold on to gains above 0.7200 for the third consecutive session. Analysts at OCBC Bank expect the pair to drift lower towards initial support at 0.7150.

Not chasing higher

“The 0.7220/30 is turning out to be a strong resistance for now.”

“The turn of events reinforces the fluid nature of geopolitics and should leave one unconvinced of chasing AUD/USD upside in the near-term.”

“Immediate downside support at 0.7150, before 0.7080/00.”