AUD/USD: Scope for further downside – UOB

In opinion of FX Strategists at UOB Group, AUD/USD ought to provide away similarly floor in the subsequent weeks.

Key Quotes
24-hour view: “AUD closed on a smooth be aware at 0.7233 the day gone by (-0.28%). Downward momentum has expanded a tad and the bias is on the downside. That said, a clear smash of the principal aid at 0.7200 seems not going (next assist is at 0.7175). Resistance is at 0.7255 observed via 0.7280.”

Next 1-3 weeks: “In our today’s replace from final Friday (17 Sep, spot at 0.7290), we indicated that ‘a smash of the strong guide at 0.7260 would recommend that AUD should weaken in addition to 0.7225’. AUD in consequence cracked 0.7260 and plummeted to 0.7221 on Monday (20 Sep). Further AUD weak point seems in all likelihood even even though oversold stipulations should sluggish the tempo of any decline. The subsequent assist is at 0.7200 observed with the aid of 0.7175. Overall, the contemporary susceptible section that commenced ultimate week is deemed intact as lengthy as the ‘strong resistance’ stage at 0.7305 is now not breached.”

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