- Analytics
- News and Tools
- Market News
- AUD/USD: Upside pressure seen fading on a breach of 0.6370 – UOB
AUD/USD: Upside pressure seen fading on a breach of 0.6370 – UOB
Further strength in AUD/USD is ruled out on a break below the 0.6370 level, according to Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group.
Key Quotes
24-hour view: “Last Friday, we expected AUD to ‘range-trade between 0.6405 and 0.6505’. However, AUD dipped to a low of 0.6389. Downward momentum has improved a tad and AUD is likely to edge lower today but a clear break of 0.6370 is unlikely. Resistance is at 0.6430 but only a break of 0.6460 would indicate that the current mild downward pressure has subsided.”
Next 1-3 weeks: “We turned positive in AUD early last week. As AUD rose, in our latest narrative from last Thursday (27 Oct, spot at 0.6480), we indicated that overbought short-term conditions could lead to 1 to 2 days of consolidation first but AUD is likely to strengthen to 0.6555 later on. However, AUD has been edging lower the last couple of days and upward momentum is beginning to fade. From here, a break of 0.6370 (no change in ‘strong support’ level from last Friday) would indicate that AUD is unlikely to strengthen further to 0.6555.”
© 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
