AUD/USD: Downward bias unchanged below 0.6820 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
risks extra losses while below the 0.6820 level in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “Yesterday, we highlighted that ‘despite AUD trading in a higher range, there is no marked improvement in momentum’ and we expected AUD to ‘trade sideways within a range of 0.6875/0.6925’. Instead of trading sideways, AUD dropped to a low of 0.6847 before closing on a weak note at 0.6856 .
Next 1-3 weeks: “We have held a negative AUD view since late last week. After AUD dropped to 0.6817 and rebounded, we highlighted on Monday that ‘downward momentum is beginning to wane and the chance for AUD to drop below 0.6820 in a sustained manner has decreased’. Yesterday, AUD dropped to 0.6847 and downward momentum has increased a tad. In order to keep the momentum going, AUD has to break and stay below 0.6820 within these 1-2 days or the chance of a clear drop below 0.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD: A deeper pullback appears not favoured – UOBIn the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, the idea of further downside in AUD/USD seems to be losing
Read more »
EUR/USD: Downward momentum loses traction – UOBMarkets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group suggest a sustained decline in EUR/USD has lost impulse as of late.
Read more »
AUD/USD Forex Signal: Extremely Bearish Below 0.6825The AUD/USD price remained under intense pressure as it crashed to the lowest level since January 6.
Read more »
AUD/USD stabilizes below 0.6900 despite hawkish RBA minutes and upbeat Feb PMIAUD/USD has surrendered the round-level support of 0.6900 in the early European session as investors getting worried that higher interest rates by wes
Read more »
AUD/USD remains heavily offered below 0.6900 mark amid stronger USD, risk-off moodThe AUD/USD pair comes under some renewed selling pressure on Tuesday and reverses a major part of the previous day's positive move. The pair remains
Read more »
AUD/USD sees more weakness below 0.6850 ahead of FOMC minutesThe AUD/USD pair is attempting to build a short-term cushion around 0.6850 in the early Asian session. The Aussie asset is expected to deliver more we
Read more »