AUD/USD needs to break the 0.7300/20 area to extend its race higher – OCBC

AUD/USD snaps two consecutive days of the winning streak as the pair has stalled at the 0.7250 level. The aussie needs to pierce the 0.7300/20 region to see a trend change, according to economists at OCBC Bank.

See: AUD/USD to plunge towards the 0.70 mark in the near-term – Westpac

Aussie stalls its recent correction higher

“Supported by the commodity rebound, AUD/USD extended further on Tuesday. However, the squeeze higher appeared to fizzle out by early Wednesday, with the pair turning lower below 0.7250.” 

“A clearer reversal will need the pair to breach 0.7300/20 levels at least, which may be a bridge too far for now.”