The downward pressure on the AUD / USD pair appears to have lost momentum, in the view of currency strategists at UOB Group.
Key statements:
24-hour outlook: “Our opinion for the AUD yesterday was that” a breakout of the main support at 0.7625 would not be surprising, but it is unlikely that the AUD will be able to sustain a foothold below the next support at 0.7600. ” the AUD subsequently broke 0.7625 and fell to 0.7621, the quick rebound from the low was a surprise (the high was 0.7726). The rapid rally seems overblown and the AUD is unlikely to continue to advance steadily. The AUD is more likely to consolidate and trade within a 0.7660 / 0.7740 range. “
Next 1-3 weeks: “Yesterday (Mar 9, price at 0.7645), we highlighted that” despite the slight improvement in momentum, a breakout of 0.7625 would not be surprising. “We add,” the next support is at the low. February near 0.7565 “. While the AUD broke above the 0.7625 level, it rallied strongly after hitting 0.7621. The downside momentum has diminished and a breakout of 0.7740 (no change at the” strong resistance “level) would indicate that the current downside risk has dissipated. Barring a sudden spike in downside momentum in these one or two days, a breakout of 0.7740 would not be surprising. “
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