FXStreet reported that United Overseas Bank’s positive view on the Australian dollar against the U.S. dollar was losing momentum, with 0.6995 marking the point below which its 0.7070 objective would drop out of consideration.
The outlet attributed the technical assessment to UOB and said the pair had not cleared 0.7040 decisively. UOB began taking a positive view on Oct. 21, when AUD/USD stood at 0.7005, and set 0.7035 as an initial target, FXStreet reported.
For Oct. 27, FXStreet said UOB expected the currency pair to trade between 0.7005 and 0.7035. Intraday readings showed little directional momentum, the outlet reported. It also identified 0.6985 as a prior strong-support level.
Longer-term exponential moving averages indicated possible downside toward 0.6923, according to FXStreet.
The Australian Bureau of Statistics has scheduled its September Consumer Price Index (CPI) release for 8:30 p.m. ET Tuesday, Oct. 27 (0030 UTC Wednesday, Oct. 28). The Federal Reserve calendar lists a Federal Open Market Committee (FOMC) meeting for Oct. 27-28.
