In the opinion of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, AUD/USD risks further losses if it breaches 0.62
24-hour view: While we expected AUD to weaken yesterday, we indicated that “oversold conditions suggest that it might not break clearly below 0.6330.” The anticipated AUD weakness exceeded our expectations as it plunged to a low of 0.6286 before recovering slightly. Conditions remain severely oversold; this, combined with tentative signs of slowing momentum, suggests AUD is unlikely to weaken much further. Today, AUD is more likely to trade sideways, probably between 0.6280 and 0.6350.
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.
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