AUD/USD: Capped by the 100-day ma at 0.6567 – OCBC

The AUD/USD extended further towards the 100-day ma (0.6567) but remained capped by that level, Terence Wu, an FX strategist at OCBC Bank, briefs.

Key quotes

“The Aussie may be supported by the RBA’s stance – which seemed more open to cut back on asset purchases than other central banks – and the recovering China.” 

“In the interim, note that the pair has extended beyond short term implied valuations, and this gives us a note of caution for chasing the pair excessively higher from here in the near-term.”