AUD/USD faces decent support around 0.6855 – UOB

Extra downside in AUD/USD now appears limited around the 0.6855 level, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Key Quotes  |  08/08/2022 07:51

Extra downside in AUD/USD now appears limited around the 0.6855 level, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “The sharp drop in AUD to 0.6870 came as a surprise (we were expecting sideway-trading). Despite the decline, downward momentum has not improved by much and AUD is unlikely to weaken further. For today, AUD is likely trade sideways between 0.6880 and 0.6945.”

Next 1-3 weeks: “We highlighted last Friday (05 Aug, spot at 0.6955) that downward momentum has fizzled out and we expected AUD to consolidate and trade between 0.6885 and 0.7035. AUD subsequently dropped to 0.6870 before closing on a soft note at 0.6911 (-0.82%). Downward momentum has improved somewhat and AUD could edge lower from here. At this stage, any weakness is likely limited to 0.6855. On the upside, a breach of 0.6965 would indicate that the current mild downward pressure has eased.”

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com