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AUD/USD drops sharply - UOB Group

FXStreet (Łódź) - The Market Strategy Team at UOB Group point out that AUD/USD fell from a high of 0.8912 to the current 0.8790 level.

Key Quotes

"While our bullish target at 0.8900 was met with a high of 0.8912, the subsequent sell-off was unexpected."

"Despite the sharp drop, the current movement is likely part of a neutral sideway consolidation range and not the start of a mid-term bearish phase."

"Expect 0.8710/0.8870 range for the next 1 to 2 weeks."

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