AUD/USD still looks for a test of 0.7445 – UOB

AUD/USD still points to a potential test of the 0.7440 area in the next 1-3 weeks, according to analysts at UOB Group.

Key Quotes

“We shifted to a neutral stance last Tuesday and expected the pull-back in AUD to extend lower to 0.7445”.

“While this level was tested and held last Friday with a low of 0.7443, the immediate pressure is still on the downside and further decline towards the next major support at 0.7400 would not be surprising”.

“Overall, this pair is expected to remain under pressure unless it can reclaim the strong 0.7530 resistance”.