AUD/USD trying to break key 0.7355 – UOB

By FXStreet Analysts at UOB group explained that AUD is trying to form a shortterm base for a recovery and while the paid has advanced above 0.7355, there is still work to do for a daily close (a “break”) to imply that 0.7410 is in range.

Key Quotes:

“However, confirmation of a shortterm low is only upon a move back above 0.7355.

Until then, another leg lower to 0.7200 cannot be ruled out but the odds for such a move appears to be rather slim.

A break above 0.7355 would indicate the start of a recovery phase that could extend to 0.7410 followed by 0.7470.”
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Source:: FX Street