The Australian Dollar (AUD) could further but a break of the major support at 0.6535 is unlikely. In the longer run, month-long AUD weakness has stabilised; AUD is expected to trade in a 0.6535/0.6655 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.
24-HOUR VIEW: “Our view of sideways trading yesterday was incorrect, as AUD rose sharply, reaching a high of 0.6641. The advance was short-lived, as AUD plummeted from the high. AUD could drop further but a break of the major support at 0.6535 is unlikely (minor support is at 0.6565). Resistance levels are at 0.6620 and 0.6640.”
1-3 WEEKS VIEW: “Our most recent narrative was from Monday (04 Nov, spot at 0.6585), wherein the recent ‘month-long AUD weakness has stabilised,’ and AUD ‘is expected to ‘trade in a 0.6535/0.6655 range for now.’ Yesterday, AUD rose to a high of 0.6641, and then plummeted today. The price movements provides no fresh clues and we continue to expect AUD to trade in a 0.6535/0.6655 range.”
© 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.