Cyclicals underperformed on Tuesday, with the Australian dollar leading the falls and closing near intraday lows at 0.7510. OCBC Bank strategists forecast the AUD/USD pair to reach 0.7480 in the coming sessions.
“In light of the next RBA meeting in July, the AUD has been given a boost. The proliferation of the Delta version, as well as movement restrictions in the main cities, are likely to complicate any decision. The AUD could fall even further as the RBA’s expectations dwindle.”
“After yesterday’s breach of the 0.7550 support, the focus now shifts to 0.7500, ahead of 0.7480.”
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