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AUD/USD is consolidating the renewed upside around 0.6985, up 0.10% on the day. Terence Wu, an FX strategist at OCBC Bank, believes the aussie may well be poised to extend higher if breach the resistance at 0.7000. In that case, the next target is set at 0.7060.

Key quotes

“The dips in the AUD are shallow and lack follow-through at this stage.”

“Despite the negative virus-related headlines, the pair is re-testing the 0.7000 resistance. If breached, the next northbound target will be 0.7060.” 

“Support at 0.6920 in the near-term.”