AUD/USD: Downward bias picks up pace – UOB – by pabspiovano AUDUSD Currencies Majors Banks
is expected to face extra downside pressure in the short-term horizon.24-hour view: “The outsized drop in AUD of 1.05% came as a surprise . While the rapid decline is clearly oversold, AUD could test 0.6600 before stabilization is likely. Today, the major support at 0.6565 is unlikely to come into view. The downside risk is intact as long as AUD stays below 0.6670 .”
Next 1-3 weeks: “Our most recent narrative was from last Monday , wherein ‘there is no clear direction and AUD could trade in a relatively broad range of 0.6620/0.6785 for the time being’. AUD traded within the range for more than a week until yesterday when it dropped slightly below 0.6620 . Downward momentum is beginning to build and AUD is likely to edge lower in the coming days. However, any decline is likely to face solid support at the year-to-date low near 0.6565.
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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD holds below 0.6700, at weekly lowsThe AUD/USD is falling on Monday for the second day in a row, consolidating below 0.6700. In a quiet session, the US Dollar is mixed and equity prices
Read more »
AUD/USD bulls attack 0.6700 amid holiday in Australia, mixed sentimentAUD/USD stretches the latest rebound towards poking the 0.6700 round figure as it consolidates the previous weekly loss amid Tuesday’s holidays in Aus
Read more »
AUD/USD Price Analysis: Where are the bears hibernating?As per the prior analysis, AUD/USD Price Analysis: Bears aligned below 0.6710, we have seen the price pressured lower, but bulls have put up a good fi
Read more »
AUD/USD justifies risk barometer status to drop towards 0.6650 amid sour sentimentAUD/USD renews its intraday low near 0.6680 amid sour sentiment during early Tuesday. In doing so, the Aussie pair reverses the corrective bounce from
Read more »
AUD/USD Price Analysis: Portrays bearish consolidation below 0.6700AUD/USD bears return to the table, following an upbeat start of the week, as the Aussie pair drops to 0.6680 amid early Tuesday morning in Europe. In
Read more »
AUD/USD extends slide below 0.6630, hits two-week lowsThe AUD/USD is falling sharply on Tuesday amid a stronger US Dollar and a mixed market sentiment. The pair is trading at 0.6627, the lowest level sinc
Read more »