- Analytics
- News and Tools
- Market News
- AUD/USD: Extra decline likely below 0.6365 – UOB
AUD/USD: Extra decline likely below 0.6365 – UOB
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, losses in AUD/USD could accelerate once 0.6365 is breached.
Key Quotes
24-hour view: Last Friday, AUD traded in a range of 0.6380/0.6428 before ending the day little changed at 0.6405 (+0.05%). We view the price actions as part of a consolidation phase. Today, AUD is likely to trade sideways in a range of 0.6390/0.6450.
Next 1-3 weeks: The AUD weakness that started late last month is still intact. However, short-term conditions are severely oversold, and the pace of any further weakness is likely to be slow. To look at it another way, in order for AUD to weaken further, it must break and stay below last week’s low of 0.6365. The chance of AUD breaking clearly below 0.6365 will remain intact as long as it stays below 0.6480 (‘strong resistance’ level). Looking ahead, the next support below 0.6365 is at 0.6320.
© 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
