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Terence Wu, an FX strategists at OCBC Bank, has noted that the aussie is lacking strength after hitting the 0.70 level and thinks the AUD/USD pair may have marked a top there.

Read: AUD/USD seen receding to the 0.6820 region – UOB

Key quotes

“AUD/USD found limited traction above the 0.7000 mark. Note that short-term implied valuations have started to tip south.”

“For now, we still expect consolidative action between 0.6900 and 0.7000, at least until the FOMC decision.” 

“Meanwhile, note that China has continued to pick fights with Australia, this time reminding its students to carefully assess risks before deciding to return to Australia for studies.”

 

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