AUD/USD downside losing momentum – UOB

The decline in AUD/USD seems to have run out of steam for the time being, according to the research team at UOB Group.

Key Quotes

“The actual trading range of 0.7505/0.7559 was close to our expected sideway trading range of 0.7495/0.7550. While the outlook is still mixed, the strong daily closing has improved the undertone somewhat and from here, we could see a move higher to test the 0.7580 resistance”.

“AUD rebounded quickly after coming close to the immediate target of 0.7485 (low of 0.7490 on Wednesday). Downward momentum is showing signs of slowing and the prospect for a sustained move below 0.7485 has dimmed. Those who are short should look to book partial profit on any move to 0.7485/90. Stop-loss remains unchanged at 0.7600 for now”.