AUD/USD faces tough resistance at 0.7170/0.7200 – OCBC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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”.
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