AUD/USD poised for a test of 0.6895 – TDS

By FXStreet FXStreet (Edinburgh) – The Aussie dollar could re-test the sub-0.6900 area vs. the greenback in the medium term, according to Ned Rumpelting, FX Strategist at TD Securities.

Key Quotes

“Last week’s turmoil was felt particularly sharply in commodity currencies, where the AUD suffered one of its largest single-week drops since early September”.

“This week, attention returns to domestic considerations with Thursday’s Australian employment data”.

“AUDUSD‘s rebound off the 0.6981 low suggests some further near-term stabilization may be in store ahead of the data, but we think any correction is likely to remain temporary and relatively subdued”.

“The 0.7115 region may cap. With the USD’s bigger picture pointing to a favourable tailwind, we see AUD heading lower to challenge the September lows around 0.6895”.
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Source:: FX Street