AUD/USD: Extra decline on the table below 0.6630 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
appears likely while below the 0.6630 level, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Our expectation for ‘the rebound in AUD to extend’ was incorrect as it fell to a low of 0.6651 before closing on a soft note at 0.6654 . Downward pressure has not increased much and while AUD is likely to trade with a downward bias today, a sustained break below the major support of 0.6630 is unlikely.
Next 1-3 weeks: “There is not much to add to our update from Monday . As highlighted, while the bias for AUD is tilted to the downside, it has to break and stay below 0.6630 before a sustained decline to 0.6575 is likely. The odds of AUD breaking clearly below 0.6630 will remain intact as long as it stays below 0.6725 .”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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