AUD/USD pullback could extend to 0.7605/0.7570 – UOB

The Aussie Dollar could risk another test of the 0.7605/0.7570 band, suggested FX Strategists at UOB Group.

Key Quotes

“We shifted from a bullish to neutral stance yesterday and there is no change to the view”.

“The pull-back from last week’s 0.7741 peak has room to extend lower to 0.7605, possibly 0.7570”.

“At this stage, any decline is viewed as a corrective pull-back and a period of sustained weakness is not expected. Resistance is 0.7710 but AUD has to move above 0.7740 to indicate that the current short-term weakness has stabilized”.