AUD/USD stance now shifted to neutral – UOB

The perspective for AUD/USD has now shifted to neutral from bullish, according to the research team at UOB Group.

Key Quotes

“AUD closed right at the low of 0.7645 last Friday and this does not bode well for this pair. A move below the strong 0.7640 support seems likely and this could lead to further decline to 0.7615/20”.

“The 0.7640 stop-loss was just triggered at the time of writing and this indicates that the bullish phase that started more than a week ago has ended. The current outlook is deemed as neutral within a broad 0.7595/0.7725 range even though the near-term bias is for a probe lower to 0.7595 first”.