FXStreet (Barcelona) – Emmanuel Ng, FX Strategist at OCBC Bank, expects AUD/USD to remain in the 0.7798/0.7700 range in the near-term.
Key Quotes
“While the better than expected aussie 1Q GDP numbers underpinned the AUD on Wednesday, disappointing April retail sales numbers (0.0% mom) this morning tripped the pair down past 0.7750. In the near term, the pair may continue to fade any advances towards its 55-day MA(0.7798) with 0.7700 serving as an immediate floor.”
(Market News Provided by FXstreet)