- Analytics
- News and Tools
- Market News
- AUD/USD: A breach of 0.6615 to push AUD downwards – UOB Group
AUD/USD: A breach of 0.6615 to push AUD downwards – UOB Group
The Australian Dollar (AUD) is expected to trade in a sideways range of 0.6530/0.6575. AUD weakness seems to be overextended, both time- and price-wise, but stabilisation is only upon a breach of 0.6615, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
AUD is set to drift towards 0.6615
24-HOUR VIEW: “We indicated yesterday that ‘there is a chance of AUD rebounding, but the 0.6580 level is expected to offer strong resistance.’ We pointed out that ‘support levels are at 0.6535 and 0.6520.’ Our view did not materialise as AUD traded between 0.6524 and 0.6568, closing largely unchanged at 0.6549 (+0.03%). There has been no increase in either downward or upward momentum. Today, we expect AUD to trade in a sideways range of 0.6530/0.6575.”
1-3 WEEKS VIEW: “Our update from last Friday (26 Jul, spot at 0.6545) is still valid. As highlighted, the weakness in AUD that started about two weeks ago seems to be overextended, both time- and price-wise. However, only a breach of 0.6615 will indicate that the weakness has stabilised. As long as the ‘strong resistance’ level at 0.6615 is not breached, there is still a chance, albeit a low one, for AUD to decline further to 0.6480.”
© 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
