AUD/USD now targets 0.7870 – UOB

In view of FX Strategists at UOB Group, the Aussie Dollar now looks to the 0.7870 area vs. the buck in the near term.

Key Quotes

“While we highlighted a “higher risk of a break lower” yesterday, the ease of which the major 0.7940 support was breached and the rapid pace of decline came as a surprise”.

“The “bearish if NY closing is below 0.7940” condition as indicated on Tuesday (19 Sep) was met. From here, the immediate target is at 0.7870 followed by 0.7805/10. Those looking to sell may use the current spot level of 0.7930 as an entry level. Stop-loss is place at 0.7990”.