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AUD/USD’s bounce was capped at the 0.7320 resistance. Terence Wu, FX Strategist at OCBC bank, expects the aussie to edge lower to test the 0.7200 level.
Downside bias while below the 0.7300/20 key resistance zone
“The AUD/USD will be a barometer of Evergrande risks in the near-term. Positives have taken it higher, but note that the 0.7300/20 key resistance zone has not been breached, implying that the downside bias is not fully averted.”
“Evergrande aside, the underlying risk-off bias is perhaps more sustained. Prefer to stay the course, looking for downside tests of 0.7200.”
This article was originally published by Fxstreet.com. Read the original article here.