FXStreet reports that in the opinion of FX Strategists at UOB Group, AUD/USD remains poised to drop further.
Next 1-3 weeks: “We have expected AUD to trade within a 0.7310/0.7420 range since last Thursday. On Monday, we indicated that ‘looking ahead, the current consolidation is likely to be resolved by an attempt to move lower but AUD has to close below July’s low of 0.7290 before a sustained decline can be expected’. That said, we did not expect the outsized drop of -1.10% (0.7256) yesterday. While the sharp drop appears to be running ahead of itself, strong downward momentum suggests that AUD could weaken further to 0.7200. The next support is at 0.7150. Overall, AUD is expected to stay weak unless it can move above the ‘strong resistance’ level (currently at 0.7330).”
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