UOB Sees AUD/USD Grinding Lower Toward 0.6975

United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann keep a negative outlook on AUD/USD following the pair's close below the 0.7000 level. They expect the currency to grind lower gradually toward 0.6975.

Intraday, the analysts anticipate further slippage but express doubt over a clean break of that support level. Downside momentum is described as modest, suggesting the move lower may be measured rather than sharp.