AUD/USD to advance nicely towards the 0.80-0.81 zone – OCBC

The AUD/USD pair eased on Tuesday but still held above the 0.7900 mark, leaving the positive momentum intact. Terence Wu, FX Strategist at OCBC Bank, still believes the aussie is set to move higher towards the 0.80-0.81 neighborhood.

Key quotes

“The ability to hold above the 0.7900 support will give further hopes for the AUD/USD bulls, with another spike higher early Wednesday taking the pair towards 0.7950. 

“Domestic data also supports, with wages rising faster than expected on a YoY basis.” 

“Note that the recent rise is well-supported by higher short-term implied valuations.” 

“Maintain the view for an extension towards 0.8000-0.81000 levels for now, against intraday support at 0.7900.”