AUD/USD now focused on 0.7330 – UOB

A breakdown of 0.7330 would point out that the effective segment in AUD/USD ought to be over, in opinion of FX Strategists at UOB Group.

Key Quotes
24-hour view: “Yesterday, we held the view that ‘there is room for AUD to take a look at 0.7330 first earlier than the modern-day weak spot need to stabilize’. However, AUD rebounded after touching a low of 0.7339. Upward momentum is establishing to pick-up, albeit tentatively for now. From here, AUD should cross greater however in view of the much less than strong momentum, AUD is not going to ruin the year-to-date excessive at 0.7413 (minor resistance is at 0.7400). Support is at 0.7350 observed through the nonetheless as an alternative robust help of 0.7330.”

Next 1-3 weeks: “We highlighted the day gone by that a smash of 0.7413 would shift the center of attention to 0.7455. However, AUD retreated rapidly from excessive of 0.7408. Upward momentum has been dented and a wreck of 0.7330 (no alternate in ‘strong support’ level) would point out that the nice section that started out in mid-November (see annotations in the chart below) has run its course. Barring a surprising surge above 0.7413 inside these 1 to two days, a spoil of 0.7330 would no longer be surprising.”

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