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- AUD/USD: Further losses expected below 0.7680 – UOB
AUD/USD: Further losses expected below 0.7680 – UOB
FXStreet reports that FX Strategists at UOB Group suggested that AUD/USD risks a deeper pullback on a close below 0.7680 in the next weeks.
Next 1-3 weeks: “After trading in a quiet manner and within relatively narrow ranges for several days, the sudden expansion in range last Friday came as a surprise (AUD rose to 0.7776 before falling sharply to 0.7689). While downward momentum has improved, AUD has to close below 0.7680 before a move to 0.7645 can be expected. The prospect for AUD to close below 0.7680 appears to be quite high as long as it does not break the ‘strong resistance’ level at 0.7765 within these few days.”
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