AUD/USD risks a drop to 0.7300 – UOB

The Aussie dollar could slip towards the 0.7300 handle in the next 1-3 weeks, according to analysts at UOB Group.

Key Quotes

“As highlighted last Friday, the recent sharp drop in AUD appears to be running ahead of itself and those who are short should take partial profit at 0.7340 (low has been 0.7338)”.

“While further extension to 0.7300 is not ruled out, we are still of the view that the current drop is overextended and expect this pair to consolidate at these lower levels for the next couple of days”.

“A move above 0.7480 would indicate that a short-term low is in place”.