- Analytics
- News and Tools
- Market News
- AUD/USD: Further downside could test 0.7230 – UOB
AUD/USD: Further downside could test 0.7230 – UOB
The continuation of the upside bias could lift AUD/USD to the 0.7230 region in the next weeks, suggested FX Strategists at UOB Group Quek Ser Leang and Peter Chia.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the overbought advance in AUD could extend to 0.7215’. Our expectations did not materialize as AUD edged to a high of 0.7203, dropped briefly to 0.7150 before rebounding. While upward pressure has waned, there is scope for AUD to test 0.7215 first before a more sustained pullback is likely. Support is at 0.7170 followed by 0.7150.”
Next 1-3 weeks: “We have expected AUD to head higher since early last week. As AUD advanced, we highlighted yesterday (31 May, spot at 0.7195) that AUD could strengthen to 0.7230. While upward momentum is beginning to ease, we still see room for AUD to advance. That said, a sustained rise above 0.7230 is unlikely. On the downside, a break of 0.7125 (no change in ‘strong support’ level from yesterday) would indicate that the current upward pressure 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
