Australian Dollar: Downside risk persists against US Dollar - UOB
UOB’s Quek Ser Leang and Lee Sue Ann note AUD/USD has pulled back after Monday’s sharper-than-expected drop, with intraday price action now seen confined to a 0.7100–0.7140 band.
UOB analysts Quek Ser Leang and Lee Sue Ann point out that the Australian Dollar (AUD) has retreated from its Monday decline, with its price currently oscillating between 0.7100 and 0.7140. They anticipate that further downward movement is possible over the coming one to three weeks, with a potential drop below 0.7100 potentially leading to a new low of 0.7050. Resistance remains near 0.7175. In the short term, AUD is expected to remain within the range of 0.7110 to 0.7155.
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