- Analytics
- News and Tools
- Market News
- AUD/USD shifts the attention to the 0.7060 region – UOB
AUD/USD shifts the attention to the 0.7060 region – UOB
AUD/USD remains under pressure and risks a drop to 0.7060 in the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “We did not anticipate the sharp drop in AUD to 0.7095 during NY session. AUD extended its decline during Asian hours and strong downward momentum suggests further weakness. That said, oversold conditions suggest the major support at 0.7060 could be out of reach. Resistance is at 0.7120 followed by 0.7145.”
Next 1-3 weeks: “We have expected AUD to weaken since Monday (24 Jan, spot at 0.7180). After AUD plummeted to 0.7091, we highlighted on Tuesday (25 Jan, spot at 0.7150) that the rapid drop appears to be overdone but the downside risk remains intact. We added, any weakness is expected to encounter solid support at 0.7090. AUD dropped to 0.7095 during NY session and extended its decline as it took out 0.7090 during Asian hours. Downward momentum has improved and the focus now is at 0.7060. A break of this level could lead to further AUD weakness to 0.7030. On the upside, a break of the ‘strong resistance’ at 0.7180 (level was at 0.7225 yesterday) 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
