The Australian Dollar (AUD) is likely to weaken; the significant support at 0.6425 is not expected to come into view (there is another support at 0.6455), UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
The Australian Dollar is likely to weaken; the significant support at 0.6425 is not expected to come into view , UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Bears may try to push towards 0.6455 24-HOUR VIEW: “We expected AUD to trade in a range between 0.6515 and 0.6565 yesterday. However, after rising to 0.6560, it fell sharply to a low of 0.6490. Downward momentum is building, and today, AUD is likely to weaken even though the significant support level at 0.
To maintain the momentum buildup, AUD must remain below 0.6525, with minor resistance at 0.6510.” 1-3 WEEKS VIEW: “Yesterday , we indicated that ‘if AUD breaches 0.6565, it would suggest that the weakness in AUD from two weeks ago has stabilised.’ AUD subsequently rose to 0.6560, then dropped sharply to close at 0.6502 . While conditions are severely oversold, from here, only a breach of 0.6550 would mean that the weakness has stabilised.
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