- Analytics
- News and Tools
- Market News
- AUD/USD: Extra upside in store in the short term – UOB
AUD/USD: Extra upside in store in the short term – UOB
The continuation of the upside momentum in AUD/USD seems likely in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: While we expected AUD to edge lower last Friday, we highlighted that “any decline is unlikely to break clearly below 0.6440.” AUD did not quite threaten 0.6440, as it rebounded from a low of 0.6453. The rebound lacks momentum, but AUD could test 0.6540 before levelling off. The major resistance at 0.6585 is highly unlikely to come under threat. The current mild upward pressure is intact as long as AUD stays above 0.6460 (minor support is at 0.6480).
Next 1-3 weeks: We continue to hold the same view as last Thursday (16 Nov, spot at 0.6510). As highlighted, while AUD is likely to advance further, upward momentum is not that strong for now, and the major resistance at 0.6585 might not come into view soon. The upside bias is intact as long as AUD stays above 0.6420 (‘strong support’ level previously at 0.6400).
© 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
