Oversold decline in Australian Dollar (AUD) could extend to 0.6560 before stabilisation can be expected. In the longer run, potential for AUD to continue to decline to 0.6560, possibly 0.6520, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
AUD can slide towards 0.6520
24-HOUR VIEW: “We expected AUD to ‘decline further’ yesterday. We pointed out that ‘the significant support level at 0.6585 might not be easy to break.’ However, AUD broke below 0.6585, reaching a low of 0.6580. AUD closed on a soft note at 0.6583 (-0.33%). While oversold, the decline could extend to 0.6560 before stabilisation can be expected. A sustained break below 0.6560 is unlikely today. Resistance is at 0.6600; a breach of 0.6615 would mean that the weakness has stabilised.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.