AUD/USD to test the 0.7170/00 support amid growing risk-off tinge – OCBC

The AUD/USD pair turned heavy amid the broader risk-off tilt and is now trading below the 0.72 mark. Terence Wu, FX strategists at OCBC Bank, has a negative bias for the aussie as the stock market is falling. The analyst will be closely watching the 0.7170/00 support.

Key quotes

“With Asian equities and S&P 500 futures still in the red, expect the climate to be negative for the pair for now.”

“The aussie should trade in line with shifting risk sentiment and the commodity complex in the coming sessions.”

“Watch 0.7170/00 on the downside, against 0.7240 resistance.”