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AUD/USD slides, with analysts eyeing a move toward 0.6970

UOB expects intraday trading to remain capped in a 0.6995 to 0.7035 range unless resistance near 0.7075 is broken.

Reported · Written up by our desk · Major Pairs

FXStreet reports that UOB analysts said AUD/USD extended its recent slide to 0.7006, noting positive divergence that suggests downward momentum may be slowing but has not yet formed a clear base.

According to FXStreet, UOB maintained a negative short-term stance and sees scope for AUD/USD to test 0.6970, while expecting the pair to trade within 0.6995 to 0.7035.

FXStreet also said UOB added that the outlook would change if resistance around 0.7075 is broken, while a further slide could occur before stabilization, including a potential check of 0.6970.

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