AUD/USD risks a test of 0.7580 – UOB

FX Strategists at UOB Group noted AUD/USD could grind lower towards the 0.7580 region in the near term.

Key Quotes

“AUD closed on a rather weak note last Friday and the recent positive undertone has eased. The immediate bias has shifted to the downside and a retest of last week’s low near 0.7585/90 seems likely”.

“This is a major support and a clear break of this level would greatly increase the odds of a deeper down-move towards the March’s low of 0.7490. Overall, the current downward pressure is expected to increase unless AUD can move and stay above 0.7660 in the next few days”.