Australian Dollar (AUD) is expected to trade in a 0.6350/0.6410 range.
Australian Dollar is expected to trade in a 0.6350/0.6410 range. In the longer run, AUD has to break and remain below 0.6350 before further decline can be expected, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. AUD can break and remain below 0.6350 24-HOUR VIEW: “AUD dropped to 0.6337 two days ago and then rebounded. Yesterday, when AUD was at 0.
AUD closed unchanged at 0.6369. The price action provides no fresh clues, and today, we expect AUD to trade in a 0.6350/0.6410 range.” 1-3 WEEKS VIEW: “On Wednesday , we highlighted that ‘while downward momentum is beginning to build again, it is not enough to suggest a sustained decline.’ We also highlighted that AUD ‘has to break and remain below the significant support at 0.6350 before further weakness can be expected.’ Yesterday, AUD closed unchanged at 0.6369.
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