AUD/USD has room to fall further

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Looking at technical charts, AUD/USD may have further room to fall, UOB market strategist Quek Ser Leang said in a note. After climbing as high as 0.6900 earlier this month, the pair fell sharply, breaking below an important support level on Friday, the strategist said. Although this sharp and rapid decline seems to be ahead of its time, there is still room for AUD/USD to fall further towards the support of the rising trend line connecting the October 2022 and May 2023 lows. Currently around 0.6500.