AUD/USD: A BREAK OF THE MAJOR SUPPORT AT 0.6535 IS UNLIKELY – UOB GROUP
The Australian Dollar (AUD) could further but a break of the major support at 0.6535 is unlikely. In the longer run, month-long AUD weakness has stabilised; AUD is expected to trade in a 0.6535/0.6655 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.
AUD is expected to trade in a 0.6535/0.6655 range for now
24-HOUR VIEW: “Our view of sideways trading yesterday was incorrect, as AUD rose sharply, reaching a high of 0.6641. The advance was short-lived, as AUD plummeted from the high. AUD could drop further but a break of the major support at 0.6535 is unlikely (minor support is at 0.6565). Resistance levels are at 0.6620 and 0.6640.”
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