As long as 0.6540 is not breached, the Australian Dollar (AUD) could break the major support at 0.6480.
As long as 0.6540 is not breached, the Australian Dollar could break the major support at 0.6480. It is unclear whether it can maintain a foothold below this level, ant it is uncertain if 0.6425 will come into view, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Below 0.6480 the next level to watch is 0.6425 24-HOUR VIEW: “AUD closed at 0.6539 in NY but in early Asian trade today, it plunged. The sharp decline appears to be a tad overdone. However, as long as 0.
” 1-3 WEEKS VIEW: “Our most recent narrative was from last Friday wherein the weakness in AUD that started two weeks ago seems to be overextended, both time- and price-wise. However, we pointed out that ‘only a breach of 0.6615 will indicate that the weakness has stabilised,’ and that ‘there is still a chance, albeit a low one, for AUD to decline further to 0.6480.’ After trading in a quiet manner for a couple of days, AUD plunged in early Asian trade today.
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