AUD/USD is losing momentum and could slip back to the 0.7060 region in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected AUD to weaken yesterday but held the view that ‘0.7150 is unlikely to come into the picture’. AUD subsequently dropped to an overnight low of 0.7155 before extending its decline after opening this morning. The ease by which AUD took out 0.7150 and the accompanying strong downward momentum indicates that AUD could weaken further but the major support at 0.7060 is unlikely to come into the picture for now (there is a relatively strong level at 0.7110). Resistance is at 0.7160 followed by 0.7200.” Next 1-3 weeks: “While we highlighted yesterday that the risk for AUD ‘has shifted to the downside’, we held the view that ‘any weakness could be relatively limited unless AUD can break 0.7150’. The ease by which AUD cracked 0.7150 earlier this morning came as a surprise and the rapid surge in downward momentum indicates that AUD could weaken further towards 0.7060. All in, the current negative outlook for AUD is deemed as intact as long as AUD does not move above 0.7250 (‘strong resistance’ level was 0.7305 yesterday).” 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 AUD/USD: Downside corrective, targets June high at 0.6964 – Commerzbank FX Street 2 years AUD/USD is losing momentum and could slip back to the 0.7060 region in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected AUD to weaken yesterday but held the view that ‘0.7150 is unlikely to come into the picture’. AUD subsequently dropped to an overnight low of 0.7155 before extending its decline after opening this morning. The ease by which AUD took out 0.7150 and the accompanying strong downward momentum indicates that AUD could weaken further but the major support at 0.7060 is unlikely to come into the picture for now (there is a… 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.