AUD/USD could slip towards 0.7445 – UOB

Analysts at UOB Group see the Aussie dollar could grind lower to the mid-0.7400s vs. the greenback in the next 1-3 weeks.

Key Quotes

“AUD is dropping rapidly at the time of writing and a breach of the stop-loss at 0.7530 appears imminent. In other words, the bullish phase that started 2 weeks has ended”.

“The current movement is viewed as a corrective pull-back which has scope to extend lower to 0.7455”.

“Unless the current decline were to accelerate lower in an impulsive manner, a sustained move below 0.7455 seems unlikely for now. Overall, AUD is expected to stay under pressure in the coming days as long as it stays below 0.7630”.