- Analytics
- News and Tools
- Market News
- AUD/USD could break below 0.7140 – UOB
AUD/USD could break below 0.7140 – UOB
Further downside could force AUD/USD to breach the 0.7140 level in the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “We highlighted last Friday that the ‘the pullback in AUD has room to extend but any weakness is expected to encounter solid support at 0.7170’. Our view was not wrong as AUD dropped to a low of 0.7172. While oversold, the weakness in AUD has room to extend further even though a break of the major support at 0.7140 appears unlikely. Resistance is at 0.7200 followed by 0.7215.”
Next 1-3 weeks: “Last Monday (17 Jan, spot at 0.7210), we highlighted that the outlook for AUD is mixed and it is likely to trade within a range of 0.7140/0.7285. After a week, downward momentum is showing tentative signs of building as AUD dropped to 0.7172 last Friday. From here, the risk of AUD breaking 0.7140 has increased. On the upside, a breach 0.7240 would indicate that the downside risk has dissipated. Looking ahead, the next support below 0.7140 is at 0.7105.”
© 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
