AUD/USD: Can retest the 0.6700 level before another rebound – UOB Group
The Australian Dollar (AUD) could retest the 0.6700 level before another rebound is likely. In the long run, bias for AUD remains on the downside; a clear break below 0.6700 would suggest further decline, potentially to 0.6670, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Break below 0.6700 may suggests decline towards 0.6670
24-HOUR VIEW: “Yesterday, we held the view that AUD ‘is likely to trade in a sideways range of 0.6710/0.6760.’ The price action did not turn out as we expected. In NY trade, AUD dropped to 0.6703 before rebounding quickly to close at 0.6726 (-0.36%). While downward momentum only increased slightly, AUD could retest the 0.6700 level before another rebound is likely. A sustained decline below 0.6700 seems unlikely. Resistance levels are at 0.6745 and 0.6760.”
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