Australian Dollar: Short-term downside toward 0.7050 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD dropped to 0.7075 and closed at 0.7087 after an overdone decline. For the next 24 hours, the pair is expected to stay within 0.7070–0.7115 with risks still skewed lower.
UOB analysts Quek Ser Leang and Lee Sue Ann anticipate a short-term decline in the Australian Dollar (AUD) against the US Dollar (USD), with the pair potentially falling to 0.7050 over the next 24 hours. Currently trading at 0.7075, AUD/USD closed at 0.7087 following an overdone decline in the previous session. Over the next 1-3 weeks, they maintain a negative outlook, predicting a move lower to 0.7050 unless resistance at 0.7140 is reached.
While the recent price action suggests downward momentum has increased, AUD appears likely to stay within a 0.7070-0.7115 range for now.
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