AUD/USD to reach 0.7070 on a sustained move above 0.70 – OCBC

AUD/USD breached the 0.7000 handle on the fourth attempt in recent sessions though is now trading down -0.3% on the day to 0.6990. Terence Wu, an FX strategists at OCBC Bank, sees the pair testing the 0.7070 mark if a move beyond 0.70 is sustained.

Key quotes

“Domestic and Chinese data were a mixed bag this morning, although that does no harm to the overall risk-on tone.” 

“If the aussie can consolidate north of 0.7000, we expect it to move towards the next upside target at 0.7070. In the interim, immediate support is at 0.6970, before 0.6930.”