AUD/USD room for a breakdown of 0.7490 – UOB

According to FX Strategists, the likeliness of AUD/USD breaking below 0.7490 has increased.

Key Quotes

“We have held the same view since Wednesday wherein we expect the current AUD weakness to extend lower to 0.7490”.

“The lackluster downward momentum has picked up strongly and the odds for a sustained break below 0.7490 are higher than we previously expected”.

“A break of this level could lead to acceleration lower as the next support Is further down at 0.7450 (major support is at 0.7400). In order to maintain the current momentum, any rebound should not move back above 0.7610 even though 0.7585 is likely strong enough to cap any short-term rebound”.