- Analytics
- News and Tools
- Market News
- AUD/USD is now seen trading within a consolidative range – UOB
AUD/USD is now seen trading within a consolidative range – UOB
AUD/USD seems to have now moved into a range bound theme, likely between 0.6365 and 0.6500, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: Yesterday, we expected AUD to rise further. Instead of rising further, AUD fell sharply to a low of 0.6413. The sharp drop has room to extend, but it is unlikely to challenge the major support at 0.6365 (there is another support at 0.6390). Resistance is at 0.6440, followed by 0.6460.
Next 1-3 weeks: We noted yesterday (24 Aug, spot at 0.6480) that “upward momentum is building, and AUD could rebound further to 0.6520, possibly 0.6540.” We did not expect the sharp drop that sent AUD plummeting to a low of 0.6413 in NY trade. While our ‘strong support’ level at 0.6410 has not been clearly breached, the buildup in momentum has fizzled out. Instead of rebounding further, AUD is more likely to trade in a range of 0.6365/0.6500 for the time being. Looking ahead, if AUD breaks clearly below 0.6365, it could trigger a decline to 0.6300.
© 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
