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- AUD/USD: Selling pressure could lose traction above 0.7265 – UOB
AUD/USD: Selling pressure could lose traction above 0.7265 – UOB
FXStreet reports that UOB Group’s FX Strategists see AUD/USD could avoid a deeper pullback on a surpass of 0.7265 in the near term.
Next 1-3 weeks: “Yesterday (30 Sep), we highlighted that AUD ‘is likely to weaken further’ and that ‘the next support is at 0.7155 followed by the August’s low near 0.7110’. We did not quite expect the subsequent sharp rebound to 0.7257 during NY session. We continue to hold the same view for now but a break of 0.7265 (no change in ‘strong resistance’ level) would indicate that the current weakness is not ready to move to 0.7155 just yet.”
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