AUD/USD risks a probable drop to 0.6450 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, a deeper drop could see24-hour view: “When AUD was trading at 0.6540 in early Asian trade yesterday, we highlighted that ‘as long as AUD stays below 0.6580 , the oversold weakness could extend to 0.6515, possibly testing the major support at 0.6500’. Our view was correct even though AUD edged a couple of pips below 0.6500 .
Next 1-3 weeks: “After AUD fell sharply to 0.6530 on Wednesday, we highlighted yesterday that ‘the boost in momentum suggests AUD could weaken further to 0.6500’ We added, ‘At this stage, it is premature to expect a break of 0.6450’. While our view for AUD to weaken was correct, we did not quite expect 0.6500 to come into view so quickly . The weakness in AUD that started two weeks ago has yet to stabilize. In other words, AUD could weaken further to 0.6450. On the upside, a breach of 0.
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