AUD/USD to extend its slide on a break below 0.74 – OCBC

AUD/USD has broken under the 0.7450 support. Therefore, economists at OCBC Bank expect the aussie to suffer additional losses with the next support located at the 0.74 level.

Turn negative

“The breach of the 0.7450 support points to a negative technical setup.”

“The commodity complex has entered a consolidative phase, while crude oil prices are testing key downside supports. Thus, the AUD/USD may have lost one engine for its upside surge. Do not rule out further downside extension for now.” 

“First target at 0.7400, before stronger support at the 0.7300/10 zone.”