AUD/USD to edge lower toward 0.7480 as movement restrictions in Australia add to the heaviness – OCBC

On Tuesday, cyclicals underperformed, with the aussie leading declines and closing near intraday lows at 0.7510. Strategists at OCBC Bank expect the target for the AUD/USD pair in the upcoming sessions at 0.7480.

Australian lockdowns may alter RBA expectations for the upcoming July meeting

“There has been positivity imputed for the AUD in light of the upcoming July RBA. However, any decision is likely to be complicated by the spread of the Delta variant, and the movement restrictions in the capital cities. The unwinding of RBA expectations could see the AUD taken another leg lower.”

“The 0.7550 support was breached yesterday, and the focus turns to 0.7500, before 0.7480.”