AUD/USD downside pressure intact below 0.8045 – UOB

In opinion of FX Strategists at UOB Group, the Aussie Dollar should remain under downside pressure while below 0.8045 in the near term.

Key Quotes

24-hour view: “AUD traded sideways as expected before closing largely unchanged. Most indicators are still at ‘neutral’ level and further range trading is expected, likely within a range of 0.7980/0.8040”.

Next 1-3 weeks: “There is not much to add as AUD traded in a relatively quiet manner last Friday. The outlook remains neutral for now and we continue to hold the view that AUD is “under increasing downward pressure unless it can reclaim 0.8045”. That said, 0.7940 is a rather strong support and only a clear break of this level would indicate the start of a stronger down-move. In the meanwhile, AUD could continue to consolidate and trade sideways for the next few days”.