AUD/USD outlook shifted to bearish, looks to 0.7485 – UOB

The research team at UOB Group has shifted its outlook on AUD/USD to bearish from neutral, allowing a potential test of 0.7485.

Key Quotes

“AUD traded choppily last Friday by initially surging to a high of 0.7692 before plunging to a low of 0.7551. The drop appears to have scope to extend lower but 0.7500 is a strong support and this level is unlikely to yield so easily”.

“AUD not only broke below the strong 0.7560 support but closed below this level last Friday. This suggests further downward pressure in AUD and the current weakness is expected to extend further to 0.7485. In order to maintain the current momentum, a move back above 0.7630 is enough to indicate that our bearish expectation is wrong”.