- Analytics
- News and Tools
- Market News
- Further losses look likely in AUD/USD - UOB
Further losses look likely in AUD/USD - UOB
FXStreet reports that in the opinion of FX Strategists at UOB Group, AUD/USD is likely to trend downwards in the next weeks.
24-hour view: “The subsequent sharp but short-lived drop to 0.7624 came as a surprise. The swift and sharp bounce from the low has scope to extend but is not expected to break the solid resistance at 0.7760 (minor resistance is at 0.7730). Support is at 0.7675 followed by 0.7645. The 0.7624 low is not expected to come into the picture.”
Next 1-3 weeks: “We highlighted last Friday (05 Mar, spot at 0.7720) that AUD ‘is likely to trade with a downward bias towards 0.7670’. We added, ‘looking forward, the next support below 0.7670 is at 0.7630’. While our view for AUD to move lower was not wrong, we did not anticipate the sharp but short-lived drop to 0.7624 and the subsequent strong bounce from the low. The price actions have clouded the outlook somewhat but the overall reading still points to a lower AUD. That said, it may take a while before AUD revisits the 0.7625 level.”
© 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
