OCBC: Australian dollar or face strong resistance at 0.7350

Updated: October 20, 2015  Views: 29

Remittance Network October 19 hearing - Singapore OCBC (OCBC) currency strategist Emmanuel Ng Monday (October 19), said the Australian dollar's upward momentum may face strong resistance at 0.7350.

Emmanuel Ng said that although the market for the RBA (RBA) interest rate cut is expected to continue to heat up, but the CFTC report showed the Australian dollar net short position for the third consecutive week to cut, which makes the pair in the short term may attract bargain hunting support the dollar rebounded, but with the proviso that the short-term good news for China favorable terms or have boosted the risk appetite of the message.

Emmanuel Ng said: 'The 55-day moving average is expected to cut into bits 0.7182 to provide initial support for the dollar, while the exchange rate of 0.7350 is temporary resistance.'

20:13 GMT, the Australian dollar against the US dollar reported 0.7262 / 75.

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