AUDUSD: Break above 0.6885 may open up room for a move towards 0.6920/60 – OCBC

AUD/USD trades slightly above the 0.68 level. A break past the 0.6885 resistance would open up room for a move towards 0.6920/60, economists at OCBC Bank report.

Reserve Bank of Australia is likely to underdeliver on rate hikes

“The short bias remains given the global recession fears and that the RBA is likely to underdeliver on rate hikes.”

“A break above 0.6885 may open up room for a move towards 0.6920/60, while 0.6762 is the immediate support ahead of 0.6670.”