AUD/USD attention shifted to 0.72 – UOB

Analysts at UOB Group noted further weakness lies ahead for the Aussie dollar in case of a daily close below the 0.7200 handle.

Key Quotes

“AUD dipped below 0.7200 yesterday but rebounded quickly from a low of 0.7175”. 

“The bias is tilted to the downside but as mentioned yesterday, a sustained down-move is likely only upon a clear break below 0.7200 (say a daily closing below this level)”.

“In the meanwhile, this pair is expected be on the defensive unless it can reclaim 0.7300”.