AUD/USD Remains Under Pressure, Consolidation Expected – UOB
UOB analysts note that AUD/USD remains under pressure after an impulsive decline, but oversold conditions may lead to near-term consolidation around the 0.6880 level.
AUDUSD
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann observe that the Australian dollar is still in a weak phase against the US dollar. The pair has experienced an impulsive decline, keeping it under pressure.
However, oversold conditions have prompted expectations for near-term consolidation. The analysts point to a trading range centered around 0.6880, though the upper boundary was not specified in the note. This suggests a pause in the downtrend, but no reversal is indicated yet.
Source: FXStreet Forex News