AUD/USD Could Still Test 0.7200 – UOB
The Aussie dollar remains poised for a test of the key support at 0.7200, suggested the research team at UOB Group.
Key Quotes
“We pointed out yesterday that AUD is trying to form a short term base
for a recovery. However, confirmation of a short term low is only upon a
move back above 0.7355”.
“Until then, another leg lower to 0.7200 cannot be ruled out but the
odds for such a move appears to be rather slim. A break above 0.7355
would indicate the start of a recovery phase that could extend to 0.7410
followed by 0.7470”.
