- Analytics
- News and Tools
- Market News
- AUD/USD: To trade in a sideways range of 0.6715/0.6770 – UOB Group
AUD/USD: To trade in a sideways range of 0.6715/0.6770 – UOB Group
The Australian Dollar (AUD) is likely to trade in a sideways range of 0.6715/0.6770. In the longer run, bias for AUD remains on the downside; a clear break below 0.6700 would suggest further decline, potentially to 0.6670, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Bias for AUD remains on the downside
24-HOUR VIEW: “The title of our update yesterday was ‘A break 0.6700 is not ruled out; given the mild momentum, AUD may not be able to maintain a foothold below this level.’ However, AUD did not break 0.6700, trading choppily between 0.6702 and 0.6743, before closing at 0.6742 (+0.35%). The price action is likely part of a sideways trading phase, probably in a range of 0.6715/0.6770.”
1-3 WEEKS VIEW: “We highlighted yesterday (10 Oct, spot at 0.6720) that ‘while there has been no significant increase in momentum, the bias for AUD remains on the downside.’ We added, ‘a clear break below 0.6700 would suggest AUD could decline further, potentially to 0.6670,’ and ‘the downward bias is intact provided that AUD remains below 0.6785 (‘strong resistance’ level).’ AUD subsequently dropped to 0.6702, then rebounded. We continue to hold the same view for now.”
© 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
