AUD/USD now faces some consolidation – UOB – by pabspiovano AUDUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that ‘downward momentum has improved a tad and the bias for AUD is on the downside’. We added, ‘As momentum is not strong for now, any decline is unlikely to challenge the major support at 0.6995’. AUD weakened more than expected as it dropped to a low of 0.6988. The decline was however short-lived as AUD rebounded to end the day little changed at 0.7054 . The rebound amid oversold conditions suggests AUD is unlikely to weaken further.
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