AUD/USD Support at 0.7000 Under Pressure: UOB
UOB analysts report that AUD/USD spiked to 0.7071 before sliding to 0.7005 and closing at 0.7027. They note slightly stronger downside momentum but doubt a sustained break below 0.7000 in the very near term.
AUDUSD
UOB analysts Quek Ser Leang and Lee Sue Ann report that AUD/USD came under renewed selling pressure after briefly spiking to 0.7071. The pair subsequently slid to 0.7005 and closed at 0.7027.
The analysts note a slight increase in downside momentum but express doubt that the 0.7000 support level will be decisively broken in the very near term. The outlook remains cautious as the pair tests key support.
Source: FXStreet Forex News