AUD/USD: downside alleviated above 0.7410 – UOB

Analysts at UOB Group suggested the Aussie dollar could mitigate current downside pressure above 0.7410.

Key Quotes

“The strong support at 0.7300 was finally breached at the time of writing (low of 0.7286)”.

“As indicated previously, downward momentum is not strong and from here, we expect to see a slow drift lower to 0.7240”.

“Only a move back above 0.7410 would indicate that the current bearish phase has ended”.