FX Strategists at UOB Group noted the pair reached the oversold area, while a break above 0.7455 will be indicative that a short-term low is in place. Key Quotes 24-hour view: “We highlighted yesterday that “a dip below 0.7345/50 is not ruled out but any weakness is unlikely to be sustained”. AUD subsequently touched a low of 0.7346 before recovering quickly. The recent mild downward pressure has eased and the current movement is viewed as part of a consolidation phase. In other words, AUD is expected to trade sideways for today, likely within a 0.7355/0.7415 range”. Next 1-3 weeks: “As highlighted yesterday, while the outlook for AUD is bearish, the decline that started last week is already approaching oversold levels. However, further weakness is not ruled but at this stage, we are seeing strong support at 0.7330 followed by 0.7300. In view of the oversold conditions, any weakness is expected to be slow and grinding and the two levels mentioned earlier are expected to offer solid support. In other words, we do not expect AUD to ‘accelerate’ lower. On the upside, only a break of the ‘stop-loss’ at 0.7455 (level previously at 0.7490) would indicate that a short-term low is in place”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next When are the Canadian economic releases and how could they affect USD/CAD? FX Street 5 years FX Strategists at UOB Group noted the pair reached the oversold area, while a break above 0.7455 will be indicative that a short-term low is in place. Key Quotes 24-hour view: "We highlighted yesterday that "a dip below 0.7345/50 is not ruled out but any weakness is unlikely to be sustained". AUD subsequently touched a low of 0.7346 before recovering quickly. The recent mild downward pressure has eased and the current movement is viewed as part of a consolidation phase. In other words, AUD is expected to trade sideways for today, likely within a 0.7355/0.7415 range". Next 1-3 weeks: "As… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.