AUD/USD Could Re-test 0.7410 – UOB

AUD/USD Could Re-test 0.7410 – UOB

In opinion of analysts at UOB Group, the Aussie dollar risks a potential visit to the 0.7400 neighbourhood in the near term.

Key Quotes

“AUD breached our bearish stop-loss at 0.7690 yesterday before reversing sharply to end the day 0.7485”.

“The rapid pick-up in volatility was unexpected but the weak daily close clearly suggests further downward pressure”.

“However, it is likely that we have seen a bulk of the drop but another leg lower to 0.7410 is not ruled out”.

“A move back above 0.7600 is enough to indicate that a short-term low is in place”.