As the world’s best investment manager and financial market journalist, I bring you the latest analysis on the Australian Dollar (AUD) from UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
AUD on the Move Towards 0.6530
In the 24-hour view, we saw the AUD dropping below the major support at 0.6590, closing at 0.6582. The decline continues in early Asian trade, with the next level to watch at 0.6530. Any potential rebound is likely to stay below 0.6605.
Looking ahead 1-3 weeks, the negative trend in AUD remains strong, with the possibility of further decline. As long as 0.6630 is not breached, the outlook remains negative, with 0.6530 as the next level to monitor.
Analysis and Breakdown
For the average person, this means that the Australian Dollar is facing a challenging period, with the potential for further decline towards the 0.6530 level. If you are involved in any investments or financial transactions involving the AUD, it’s essential to monitor these levels closely to make informed decisions. Stay informed and be prepared for potential market movements that could affect your finances.