AUD/USD: October 2021 high at 0.7556 to be still a grind – OCBC

AUD/USD held above the 0.75 support, underlying the upside momentum. Economists at OCBC Bank note that the aussie still has the October 2021 peak at 0.7556 in its sights.

Supported but resistance still intact

“Positioning data is already showing a pause in the covering of AUD-shorts in the latest week, suggesting that longs are taking profit after the recent strong run.”

“The Oct 2021 high at 0.7556 is still in place – expect it to be still a grind at these elevated levels.”

“Any dips will face first support at 0.7500 and 0.7450.”