Trading Patterns

AUD/USD: Risks remain tilted to the downside – UOB

3D Isometric Flat Vector Conceptual Illustration of Investing In A Volatile Market, Stock Market and Investment Risks

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, in addition promoting stress in AUD/USD need to meet help round 0.6680.

Key Quotes
24-hour view: “We highlighted the previous day that ‘there is threat for AUD to ruin 0.6920 however a sustained upward shove above this degree is unlikely’. AUD because of this rose to 0.6916 earlier than nose-diving to a low of 0.6726 at some stage in NY session. Further weak spot seems probably even even though Jul’s low close to 0.6680 is not likely to come underneath chance for these days (there is any other guide at 0.6700). Resistance is at 0.6765 accompanied by means of 0.6795.”

Next 1-3 weeks: “The AUD energy that commenced two days in the past ended unexpectedly as AUD plunged under our ‘strong support’ stage at 0.6805 (low has been 0.6726). The decline has shifted the danger for AUD to the draw back however any weak spot is predicted to stumble upon stable help at 0.6680. Overall, solely a damage of 0.6820 (‘strong resistance’ level) would point out that the draw back danger has dissipated.”

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