AUD/USD could trigger a deeper pullback on a close below the 0.7320 level in the near term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘further AUD weakness is not ruled out but the prospect for AUD to break 0.7320 is not high’. We added, ‘there is another support at 0.7340’. AUD subsequently drifted to a low of 0.7347 before recovering. Downward momentum has eased and the current movement is likely part of a consolidation phase. In other words, AUD is likely to trade sideways for today, expected to be within a 0.7350/0.7400 range.”

Next 1-3 weeks: “Our update from yesterday (09 Sep, spot at 0.7360) still stands. As highlighted, AUD is likely to consolidate and trade within a 0.7320/0.7460 range. Looking ahead, only a daily closing below 0.7320 would indicate the start of a deeper pullback. At this stage, the prospect for AUD to below 0.7320 is not high.” 

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