AUD/USD bearish below 0.7550 – UOB

Strategists at UOB Group said the stance on AUD/USD could shift to bearish on a close below 0.7550.

Key Quotes

“The 0.7568/0.7741 range yesterday was close to our expected 1 to 3 weeks consolidation range of 0.7555/0.7750”.

“Volatility remains high but the weak daily closing has resulted in a negative undertone and a daily close below 0.7550 would indicate the start of sustained down-move (anticipating a break below 0.7505)”.

“This appears to be a likely scenario unless AUD can move and stay above 0.7700 from here”.

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