UOB’s Quek Ser Leang and Lee Sue Ann report AUD/USD fell sharply to 0.7135 before recovering to 0.7161 on Monday. They see slightly stronger downside momentum, with scope to retest 0.7135 while keeping 0.7100 as key support. Over 1–3 weeks, they still frame price action within a 0.7100–0.7215 range, but their longer‑term technical view points to a lower AUD/USD toward 0.6765 if 0.6850/0.6870 breaks.

Short term softness within broader range

“24-HOUR VIEW: While AUD fell sharply to a low of 0.7135 yesterday, it recovered quickly and closed at 0.7161 (-0.29%). There has been a slight increase in downward momentum, and as long as AUD holds below 0.7190 (with minor resistance at 0.7175), it could retest the 0.7135 level. A break below this level is not ruled out, but we do not expect the major support at 0.7100 to come under threat.”

“1-3 WEEKS VIEW: In our most recent narrative from last Monday (25 May, spot at 0.7150), we highlighted that “the current price movements are likely part of a range-trading phase between 0.7100 and 0.7215.” As the range remains intact, we continue to hold the same view for now.”

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