AUD/USD neutral bias persists – UOB

The research team at UOB Group has reiterated the current neutral bias on the Aussie dollar.

Key Quotes

“AUD tested the major 0.7440/45 support (low of 0.7443 last Friday) before rebounding quickly. A retest of this major support would not be surprising but 0.7400 is another strong support and this level is expected to hold for a recovery to 0.7500”.

“We shifted to a neutral stance last Tuesday and expected the pull-back in AUD to extend lower to 0.7445. While this level was tested and held last Friday with a low of 0.7443, the immediate pressure is still on the downside and further decline towards the next major support at 0.7400 would not be surprising. Overall, this pair is expected to remain under pressure unless it can reclaim the strong 0.7530 resistance”.