- Analytics
- News and Tools
- Market News
- AUD/USD could still test the 0.6620 region – UOB
AUD/USD could still test the 0.6620 region – UOB
FXStreet reports that FX Strategists at UOB Group suggested AUD/USD could grind lower and test 0.6620 if 0.6670 is breached.
24-hour view: "Expectation for AUD to 'trade sideways' was incorrect as it lurched lower and cracked last year's 0.6670 low. The rapid improvement in downward momentum suggests further AUD weakness towards 0.6640. On the upside, only a move above 0.6705 would indicate that the current downward pressure has eased."
Next 1-3 weeks: "Our view for a 'short-term bottom' in AUD from last Thursday (06 Feb, spot at 0.6750) was proven wrong quickly as AUD cracked several strong support levels with ease (AUD took out the 2019 low of 0.6670 as it dropped to 0.6662). The price action suggests further AUD weakness is likely from here. The next support is at 0.6620. For the next few days, the 'strong resistance' at 0.6740 is expected to be strong enough to cap any short-term recovery in AUD."
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
