- Analytics
- News and Tools
- Market News
- AUD/USD could now slip back to 0.6840 – UOB
AUD/USD could now slip back to 0.6840 – UOB
Further downside in AUD/USD could drag the pair to the 0.6840 region in the next weeks, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “The outsized sell-off in AUD came as a surprise (we were expecting AUD to trade sideways). AUD dropped to 0.6913 before extending its decline during early Asian hours. While oversold, the weakness in AUD has not stabilized. AUD could weaken further but in view of the oversold conditions, a break of the major support at 0.6840 is unlikely (there is another support at 0.6870). Resistance is at 0.6930 followed by 0.6960.”
Next 1-3 weeks: “After AUD rose to 0.7048, we highlighted yesterday (02 Aug, spot at 0.7025) that upward momentum has not improved. We added, ‘AUD has to break the major resistance at 0.7070 before a sustained advance is likely’. AUD did not break 0.7070 but instead dropped sharply to a low of 0.6913 during NY session before extending its decline during early Asian hours. The rapid build-up in downward momentum suggests AUD is likely to trade with a downward bias towards 0.6840. On the upside, a break of 0.6990 (‘strong resistance’ level) would indicate that the downside risk has dissipated.”
© 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
