According to the research team at UOB Group, the AUD dollar could struggle to gain further upside momentum.
“While a retest of the 0.7445 overnight low will not be surprising, 0.7425 is expected to hold for recovery to 0.7495/00. Yesterday’s high near 0.7530 is acting as a very strong resistance now and this level would not be easy to break”.
“The odds for further up-move continues to diminish and unless AUD can move and stay above 0.7530 in the next 1 to 2 days, a break of the stop-loss at 0.7425 will not be exactly surprising”.
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