AUD/USD could slip back to 0.7540 – UOB

AUD/USD could drop to the 0.7540 area in the next weeks, suggested the FX Research team at UOB Group.

Key Quotes

“While the outlook for AUD is still deemed as neutral, the sharp pull-back from last week’s 0.7705/10 high appears to have scope to extend lower and probe the major 0.7540 support”.

“At this stage, a clear break below this level seems unlikely (the October’s low of 0.7506 is another major level). On the upside, only a move back above 0.7660 would indicate that the immediate downward pressure has eased”.