AUD/USD expected to grind lower to 0.7485 – UOB

AUD/USD is seen slipping back towards the 0.7480 area in the next weeks, according to analysts at UOB Group.

Key Quotes

“In line with expectations, AUD moved below 0.7500 but did not threaten the major 0.7485 support (low of 0.7490). The subsequent rebound from the low suggests that the immediate downward pressure has eased. At this stage, a sustained recovery is not expected and AUD is more likely to trade sideways at these lower levels”.

“The overnight low of 0.7490 was just a few pips above our bearish target of 0.7485. The outlook is still deemed as bearish and a break below 0.7485 would shift the focus to 0.7420/25. Stop-loss remains unchanged at 0.7600 for now”.