- Analytics
- News and Tools
- Market News
- AUD/USD: In the process of testing the 0.6810 resistance – UOB Group
AUD/USD: In the process of testing the 0.6810 resistance – UOB Group
The Australian Dollar (AUD) is expected to consolidate in a range of 0.6760/0.6810. In the longer run, there has been no further increase in momentum; if AUD breaks below 0.6730, it would mean that 0.6870 is not coming into view, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
AUD can rise after a sustained breach of 0.6810
24-HOUR VIEW: “Yesterday, we detected ‘a slight increase in upward momentum.’ We indicated that ‘there is scope for AUD to edge higher, but any advance is likely limited to a test of 0.6815.’ Our view was not wrong, as AUD rose to 0.6813, pulling back to close at 0.6785 (-0.13%). AUD has likely entered a consolidation phase. Today, we expect AUD to trade in a range of 0.6760/0.6810.”
1-3 WEEKS VIEW: “Our most recent narrative was from Monday (26 Aug, spot at 0.6790), wherein ‘while the outsized advance from last Friday suggests further AUD strength, given the overbought conditions, it remains to be seen if 0.6870 is within reach in the next 1 to 2 weeks.’ Yesterday, AUD rose to 0.6813, then pulled back. There has been no further increase in momentum, and if AUD breaks below 0.6730 (no change in ‘strong support’ level) it would mean that 0.6870 is not coming into view.”
© 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
