Forex
AUD/USD Eyes 0.7100 Break as UOB Sees Negative Bias
UOB's Quek Ser Leang notes that the Australian Dollar (AUD/USD) fell more sharply than expected to 0.7109, leaving short-term conditions oversold and favoring consolidation between 0.7110 and 0.7155 intraday.
The bank maintains a negative 1-3 week bias, stating that AUD must close below 0.7100 to open the door for a move down to 0.7050.
A resistance level at 0.7175 limits upside potential for AUD/USD, according to UOB's analysis.