- Analytics
- News and Tools
- Market News
- AUD/USD: A breach of 0.7100 now looks likely – UOB
AUD/USD: A breach of 0.7100 now looks likely – UOB
In opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, AUD/USD risks a breach of the key barrier at 0.7100 in the next weeks.
Key Quotes
24-hour view: “We highlighted yesterday that AUD ‘is unlikely to weaken much further’ and we expected it to ‘trade sideways between 0.7130 and 0.7230’. AUD subsequently rose to 0.7229 before dropping to a low of 0.7120. Despite the drop, downward momentum has not improved by much. That said, there is room for AUD to dip below 0.7120 but the major support at 0.7095 is unlikely to come under threat for now. Resistance is at 0.7170 followed by 0.7195.”
Next 1-3 weeks: “Our view from yesterday (26 Apr, spot at 0.7175) still stands. As highlighted, AUD is likely to weaken further and the next support is at 0.7095. Overall, only a breach of 0.7240 (‘strong resistance’ level was at 0.7270 yesterday) would indicate that the weakness that started late last week has stabilized. Looking ahead, the next support below 0.7095 is at 0.7050.”
© 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
