Market news
16.07.2021, 11:19

AUD/USD: Extra losses below the 0.7400 level - UOB

FXStreet reports that FX Strategists at UOB Group suggest that AUD/USD risks a deeper pullback on a close below the 0.7400 mark.

24-hour view: “Our expectation for AUD to ‘trade sideways between 0.7450 and 0.7500’ was incorrect as it rose to 0.7488 before plummeting to 0.7412. The rapid drop appears to be running ahead of itself but there is scope for AUD to dip below the major support at 0.7400. In view of the oversold conditions, AUD is unlikely to able to maintain a foothold below this level (next support is at 0.7380).”

Next 1-3 weeks: “Two days ago (14 Jul, spot at 0.7440), we highlighted that AUD ‘could trade within a 0.7400/0.7500 range’. We added, ‘the bias still appears to be tilted to the downside but AUD has to close below 0.7400 before a sustained decline can be expected’. There is no change in our view for now even though the prospect for AUD to move clearly below 0.7400 has increased.”

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location