- Analytics
- News and Tools
- Market News
- AUD/USD risks extra losses near term – UOB
AUD/USD risks extra losses near term – UOB
AUD/USD faces the likeliness of further decline, although there is a solid support around 0.7110, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “We highlighted last Friday that ‘the weakness in AUD has scope to extend to 0.7135 before stabilizing’. While our view was not wrong as AUD dropped to 0.7130, we did not anticipate the subsequent sharp bounce from the low. Downward pressure has eased and the current movement is viewed as part of consolidation and AUD is likely to trade between 0.7155 and 0.7210 for today.”
Next 1-3 weeks: “Last Friday, (07 Jan, spot at 0.7165) we highlighted that risk is tilted to the downside but any weakness is expected to encounter solid support at 0.7110. There is no change in our view for now but a break of 0.7235 (no change in ‘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
