Strong momentum indicates further the Australian Dollar (AUD) weakness; the significant support at 0.6585 is likely out of reach for now.
Strong momentum indicates further the Australia n Dollar weakness; the significant support at 0.6585 is likely out of reach for now. In the longer run, AUD is expected to continue to decline; the level to watch is a significant support at 0.6585, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes. AUD is expected to continue to decline 24-HOUR VIEW: “The sharp drop in AUD that reached a low of 0.6614 was surprising . Strong momentum indicates further AUD weakness is likely.
6665 with minor resistance at 0.6650.” 1-3 WEEKS VIEW: “We have held a negative view in AUD since early this month. As we tracked the decline, we highlighted two days ago that ‘the rejuvenated momentum suggests that the AUD weakness from early this month remains intact.’ We added, ‘the level to monitor is 0.6620.’ AUD subsequently rebounded, but did not break our ‘strong resistance’ level at 0.6705. Yesterday, in a sudden move, it plummeted to 0.6614.
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