AUD/USD: Poised to test October 2021 high at 0.7556 – OCBC

AUD/USD’s extension north of 0.75 is not surprising. Economists at OCBC believe that the aussie is set to test the October 2021 high of 0.7556.

Immediate support aligns at 0.7450

“The setup is favourably for a test of the Oct 2021 high at 0.7556. Nevertheless, the pace and extent of the up-move is stretched, and the next leg towards that target could be a grind, especially if recently established AUD-longs start to take profit at levels north of 0.75.”

“Immediate support enters at 0.7450.”