Bearish target on AUD/USD from UOB.

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UOB analysts provided their bearish outlook on AUD/USD today. “As highlighted last Friday, the recent sharp drop in AUD appears to be running ahead of itself and those who are short should take partial profit at 0.7340 (low has been 0.7338). While further extension to 0.7300 is not ruled out, we are still of the view that the current drop is overextended and expect this pair to consolidate at these lower levels for the next couple of days. A move above 0.7480 would indicate that a short-term low is in place” written in the report.

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