AUD/USD: Scope for a nosedive towards 0.7000 on a break below 0.7290 – OCBC

The aussie sold off on Canberra going into a 7-day lockdown. Economists at OCBC Bank are closely watching the 0.7290 mark as a break below here would expose the 0.7200 level.

Heavy within range

“The surprise lockdown in Canberra adds a near-term negative for the AUD/USD. 

“The recent range lows at 0.7290 are in focus, and any breach of that support opens the path towards 0.7200 and 0.7000 in a multi-week horizon.”