Title: Australian Dollar Weakness Continues: Potential Support Levels and Outlook
As the top investment manager, financial market journalist, and SEO mastermind, I bring you the latest analysis on the weakness in the Australian Dollar (AUD). According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the AUD could potentially drop to 0.6620 before stabilizing, with major support at 0.6590. Further weakness is possible, but at a slower pace, with key levels to watch at 0.6420 and 0.6390.
In the short term, a break below 0.6620 could bring 0.6590 into view, but major support is expected to hold. Resistance is seen at 0.6660, with a breach of 0.6675 indicating stabilization in weakness.
Looking ahead 1-3 weeks, the AUD has experienced a significant drop, breaking key support levels. While further weakness is possible, oversold conditions suggest a slower decline. Watch for support at 0.6620 and 0.6590, with resistance at 0.6705.
In summary, the Australian Dollar is facing continued weakness, with potential support levels at 0.6620 and 0.6590. While further decline is possible, the pace is expected to slow down. Keep an eye on key levels and resistance for potential stabilization in weakness.