What is the outlook for AUD/USD?
Here is their view, courtesy of eFXdata:
UOB Research flags a scope for a downside correction in AUD/USD on overbought conditions.
“We have held a positive view in AUD for more than 2 weeks now…We noted that “strong boost in momentum suggests further AUD strength” and that “the next resistance is at 0.7960,” UOB notes.
“Overbought shorter-term conditions could slow the pace of advance…On the downside, a break at 0.7870 (‘strong support’ level previously at 0.7825) would indicate that the positive phase in AUD has run its course,” UOB adds.
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