Flash: AUD/USD decline should be followed by recover - UOB Group

Market Strategists at UOB Group feel that the sharp reversal from the high was unexpected as the AUD/USD plunged to an overnight low of 0.8956.

Key Quotes

“Oversold conditions suggest limited downside risk for today. Expect a move towards 0.8915/20 but this should be followed by a recovery.”

“On the upside, only a clear break above 0.8990 will indicate a stronger rebound is underway.”