AUD/USD pullback looks exhausted – UOB

In view of analysts at UOB Group, the downside momentum in the Aussie dollar could be running out steam in the near term.

Key Quotes

“While a move below 0.7300 would not be surprising, we are still of the view that the current AUD weakness is overextended and a sharp drop from here is unlikely”.

“In other words, this pair could continue to grind lower and a breach of 0.7300 would target 0.7240 next. Stop-loss is adjusted lower to 0.7440 from 0.7480”.