AUD/USD bearish outlook stays unchanged – UOB

Strategists at UOB Group remain bearish on AUD/USD, which risks a test of the 0.7440 area in the next 1-3 weeks.

Key Quotes

“The anticipated decline in AUD went lower than expected as the break of 0.7500 lead to a quick drop to 0.7461. The rebound from the low appears to be tentative and another leg lower to test the major 0.7440/45 support seems likely”.

“The sharp drop in AUD yesterday indicates that the ‘couple of days of consolidation’ highlighted in recent updates has ended. The target remains unchanged at 0.7440/45 but extension towards 0.7405 would not be surprising”.

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