- Analytics
- News and Tools
- Market News
- AUD/USD could debilitate further and retest 0.6750 – UOB
AUD/USD could debilitate further and retest 0.6750 – UOB
Further selling pressure could drag AUD/USD to 0.6750 region ahead of 0.6705 in the short-term horizon, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, we highlighted that ‘downward momentum is building quickly’ and we held the view ‘the risk for AUD is on the downside towards 0.6785’. Our view turned out to be correct even though the weakness in AUD exceeded our expectations (AUD dropped to a low of 0.6771). The downside risk remains intact but in view of the oversold conditions, the major support at 0.6750 could be out of reach for now. Resistance is at 0.6825 followed by 0.6845.”
Next 1-3 weeks: “Yesterday (01 Sep, spot at 0.6835), we held the view that AUD is likely to weaken to 0.6785, as low as 0.6750. AUD subsequently dropped to 0.6771. We continue to expect AUD to weaken and a break of 0.6750 would shift the focus to 0.6705. The downside risk is intact as long as AUD does not move above 0.6870 (‘strong resistance’ level was at 0.6910 yesterday).”
© 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
