AUD/USD Rebounds but Path Lower Remains Ahead: UOB

AUD/USD has rebounded from an oversold slide, but according to United Overseas Bank's Quek Ser Leang, the Aussie-Dollar still faces a path lower against the US Dollar. The intraday price action is expected to stay within a range of 0.7095 and 0.7130.

In the near-term, UOB expects AUD/USD to move towards 0.7050, while 0.7140 caps the upside. This view remains in place despite the recent rebound, which saw the Aussie-Dollar close 0.35% higher at 0.7112.

Looking ahead, a breach of 0.7140 would indicate that the decline from early this week has stabilized, and the path lower is likely to continue.