The AUD/USD pair finished the day above 0.7450, a critical support level. For the time being, OCBC Bank economists are focusing on the AUD’s downside, with the next support zone at 0.7400, but few significant technical supports after that.
“Lowe re-emphasised the significance of lowering the unemployment rate to “the low fours” (as opposed to the current 5.1 percent), and warned that inflation might not return to the 2-3 percent target until 2024. The RBA’s longer-term dovish guidance was broadly maintained.”
“As a result of the recent risk-off trend, the AUD may take over as the key currency to reflect USD strength.”
“For the time being, 0.7400 may be attractive.”
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