AUD/USD to move down to the 0.70 level on a break below 0.7167 – OCBC

The AUD/USD pair is trading below the 0.7220 support level. Analysts at OCBC Bank expect the aussie to grind lower towards the 0.7000 level on a break below 0.7167.

Biased on the downside

“AUD/USD is within a weekly support zone between 0.7167 and 0.7214. Any break from this range into the weekend could signal further downside next week, with a multi-week target towards 0.7000.”

“Biased on the downside, especially with global risk cues leaning risk-off.”