Market news
07.02.2025, 10:43

AUD/USD: Sustained break above 0.6310 is unlikely – UOB Group

AUD is facing mild upward pressure; it could test 0.6310, but a sustained break above this level is unlikely. If AUD closes above 0.6310, it could trigger an advance to 0.6355, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Break above 0.6310 can trigger an advance to 0.6355

24-HOUR VIEW: “When AUD was at 0.6280 during early the Asian session yesterday, we noted that ‘while conditions remain overbought, AUD could edge higher and test 0.6310.’ We pointed out that ‘support levels are at 0.6265 and 0.6245.’ Our expectations did not materialise, as AUD traded in a 0.6255/0.6288 range, closing largely unchanged at 0.6284 (-0.04%). Despite the relatively quiet price action, the underlying tone seems firm. Today, we continue to expect AUD to edge higher and test 0.6310. Given the mild momentum, a sustained break above this level is unlikely. Support is at 0.6265; a breach of 0.6245 would indicate that the current mild upward pressure has eased.”

1-3 WEEKS VIEW: “We highlighted yesterday (06 Feb, spot at 0.6280) that ‘upward momentum is beginning to build, and if AUD closes above 0.6310, it could trigger an advance to 0.6355.’ We also highlighted that ‘the chance of AUD closing above 0.6310 will increase in the coming days as long as 0.6200 (‘strong support’ level) is not breached.’ Our outlook remains the same.”

© 2000-2025. 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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.

Feedback
Live Chat E-mail
Up
Choose your language / location
Click Subscribe to receive notifications about promotions and bonuses