Analysts: AUD/USD capped?
Analysts at Commerzbank note that AUD/USD remains capped by the 55-day MA on Wednesday ($0.9430). They remain sceptic on the bullish prospects of the Aussie: “Even above the strong $0.9450 resistance, the $0.9511/24 resistance area will come in sight (38.2% Fibonacci retracement and September peak)”. However, they also note that the pair needs to decline below $0.9270 to confirm the bearish view.
OCBC strategists also have some doubts on the Aussie's prospects: “Despite the China optimism, positive risk appetite levels and a vulnerable dollar, we note the apparent lack of conviction for the AUD to push substantially higher at this point”.
Chart. Daily AUD/USD