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The sudden turn on Wednesday underlied the inherent choppiness of risk appetite but FX strategists at OCBC bank have not seen sufficient evidence to suggest that the recent positive tilt in sentiment has run its course. 

Key quotes

“Near-term uptrend have not been impinged just yet, although the outlook may change if the 0.6200 level is breached.”

“Resistance at 0.6350 for now. If that level can be recovered, the uptrend may still have legs going forward.”

“We pencil in a tactical long AUD/USD idea on 15 April, targeting 0.6926 and placing a stop at 0.6146.”