A break below 0.7300 remains on the table – UOB

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The AUD/USD it could break the key 0.7300 mark in the coming weeks, as suggested by FX strategists at UOB Group.

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24-hour perspective: “The AUD fell to 0.7300 yesterday before rebounding rapidly. The downside momentum is starting to show signs of waning and this coupled with the oversold conditions suggests that the Aussie is unlikely to weaken further. For today, AUD is expected to consolidate and trade between 0.7300 and 0.7355.”

Next 1-3 weeks: “The AUD fell to an 8-month low yesterday as it tested the main support at 0.7300 (the low has been 0.7300). While the downside momentum remains strong, the strong and rapid decline of the last few days is deeply oversold. That said, A breakout of 0.7300 is not ruled out, but the pace of any further weakness is likely to be slower and 0.7270 is expected to offer solid support.. On the upside, a breakout of 0.7395 would indicate that the current weakness in the AUD has varied. “

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