AUD/USD: Break below 0.6660 exposes the Aussie to further downside – OCBC

AUD/USD has failed to stay above the 0.6660 support, exposing the pair to further downside, economists at OCBC Bank report. 

Bulls seem to run into fatigue

“Risk sentiment remains fragile over lingering and spill over concerns to European banks. We had earlier cautioned that contagion/worries going outside of US could see risk proxies under pressure.”

“Immediate support at 0.6660 (50% fibo retracement of 2022 low to 2023 high). Break below that exposes the pair to further downside.”

“Next support at 0.6620, 0.6560 levels. Resistance at 0.6680 (21-DMA), 0.6760 (200-DMA).”