In opinion of FX Strategists at UOB Group, the Aussie Dollar could still depreciate towards the 0.7560 area vs. the greenback, although this view has lost some traction as of late.
Key Quotes
24-hour view: “We highlighted last Friday that “a test of the major 0.7630 support would not be surprising but 0.7600 is unlikely to be seriously challenged”. AUD dipped to a low of 0.7625 before rebounding quickly. Downward momentum has eased and the current price action is viewed as part of a consolidation phase. In other words, sideways trading is expected for today, likely between 0.7640 and 0.7700”.
Next 1-3 weeks: “The 0.7630 target that was first highlighted last Thursday was exceeded as AUD dipped to a low 0.7625 during NY hours on Friday. Downward momentum has eased somewhat with the rapid rebound from the low but it is too early to expect a short-term bottom. The outlook for AUD is deemed as bearish until 0.7735 is taken out (stop-loss adjusted lower from 0.7755). Until then, another down-leg towards 0.7560 is not ruled out even though the odds for such a move are not that high”.
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