AUD/USD could still test 0.7200 – UOB

The Aussie dollar remains poised for a test of the key support at 0.7200, suggested the research team at UOB Group.

Key Quotes

“We pointed out yesterday that AUD is trying to form a short term base for a recovery. However, confirmation of a short term low is only upon a move back above 0.7355”.

“Until then, another leg lower to 0.7200 cannot be ruled out but the odds for such a move appears to be rather slim. A break above 0.7355 would indicate the start of a recovery phase that could extend to 0.7410 followed by 0.7470”.