AUD/USD still expects a pullback to 0.7480 – UOB

According to analysts at UOB Group, the Aussie dollar could head towards the 0.7475/80 band in the near term.

Key Quotes

“We shifted to a neutral stance last Wednesday and expected the pull-back in AUD to extend lower to test the 0.7475/80 support”.

“The low has been 0.7490 and the strong rebound yesterday indicates that the downward pressure has eased”.

“That said, the mid-term outlook is still neutral and we expect this pair to trade in a broad 0.7490/0.7700 range, at least for another week or so”.