AUD Slips to 0.7006, Eyes Targeting 0.6970

The Australian Dollar (AUD) continues to face pressure, extending its decline to a low of 0.7006 against the US Dollar (USD). Despite this weakness, UOB's Quek Ser Leang and Lee Sue Ann point out that positive divergence is forming, indicating slowing downward momentum.

This positive sign suggests that the AUD is unlikely to weaken further, but rather may edge lower within a range of 0.6995-0.7035 unless resistance at 0.7075 breaks.

Quek Ser Leang and Lee Sue Ann maintain a negative short-term stance on the AUD, expecting it to test 0.6970 before stabilizing. This view is in line with their previous analysis, which turned negative two weeks ago.