- Analytics
- News and Tools
- Market News
- AUD/USD: Extra upside looks likely – UOB
AUD/USD: Extra upside looks likely – UOB
In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, further gains in AUD/USD appears in store for the time being.
Key Quotes
24-hour view: We expected AUD to edge higher yesterday. However, we indicated that “in view of the mild upward pressure, any advance is not expected to break the major resistance at 0.6485.” Our expectations were not wrong, as AUD rose to 0.6474 before easing off. The mild upward pressure is intact, and there is room for AUD to continue to edge higher. That said, a sustained break above 0.6485 is unlikely. On the downside, a breach of 0.6430 (minor support is at 0.6445) would suggest that the current mild upward pressure has eased. \
Next 1-3 weeks: Two days ago (18 Sep, spot at 0.6435), we highlighted that as long as 0.6385 is not breached, there is a chance for AUD to test the resistance at 0.6485. AUD did not quite test 0.6485 as it rose to 0.6474 on Tuesday and Wednesday. Upward momentum has improved, albeit not by much. AUD is likely to trade with an upward bias, and if it breaks above 0.6485, it will likely advance further to 0.6515. The upside bias is intact as long as AUD stays above 0.6410 (‘strong support’ level previously at 0.6385).
© 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
