AUD/USD still risks a test of 0.7445 – UOB

The research team at UOB Group still sees room for the Aussie dollar to test the 0.7440 area vs. the greenback.

Key Quotes

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

“The price action is line with our expectation but the down-move has been more rapid than expected and a clear break below 0.7445 would greatly increase the odds for further decline to 0.7400, possibly to 0.7330”.

“Overall, this pair is expected to stay under pressure unless it can reclaim 0.7560. On a shorter-term note, 0.7530 is already a strong resistance”.