- Analytics
- News and Tools
- Market News
- AUD/USD remains consolidative in the near term – UOB
AUD/USD remains consolidative in the near term – UOB
Further range bound appears likely around AUD/USD in the short-term horizon, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: We highlighted last Friday that “there is scope for AUD to test 0.6400, but a clear break above this level is unlikely.” In NY trade, AUD dropped sharply to 0.6313 before snapping back up to a high of 0.6400. AUD closed at 0.6385 (+0.23%) but traded on a soft note in early Asian trade today. That said, there is still room for AUD to test 0.6400 today. However, a clear break above this level still appears unlikely. Support is at 0.6335, followed by 0.6315.
Next 1-3 weeks: Last Tuesday (03 Oct, spot at 0.6365), we held the view that AUD “is likely to weaken to 0.6330, possibly 0.6280.” After AUD plunged to a low of 0.6283, we highlighted on Wednesday (04 Oct, spot at 0.6310) that “the swift decline in AUD appears to be overstretched, but it has not stabilised.” We added, “AUD must break and stay below 0.6280 before further decline is likely.” On Friday (06 Oct), AUD tested our ‘strong resistance’ level at 0.6400. While the level has not been clearly breached, downward pressure has more or less faded. In other words, the AUD weakness has stabilised. From here, AUD is likely to trade in a range, probably between 0.6280 and 0.6440.
© 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
