AUD/USD to extend its move downward, next challenge at the 0.7400 level – OCBC

The AUD/USD pair ended the day beyond its key support at 0.7450. Economists at OCBC Bank specialise in AUD-downside for now, with subsequent support zone at 0.7400, but not many strong technical supports then .

RBA reiterates its dovish tone
“The RBA’s Lowe re-emphasized the importance of getting the percentage to ‘the low 4s’ (compared to five .1% latest), which inflation might not return to the 2-3% target until 2024. This essentially reiterated the longer-term dovish guidance at the RBA.”

“Recent tilt towards risk-off can also see the AUD take over because the main currency to reflect USD-strength.”

“0.7400 may attract for now.”

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