Title: Australian Dollar (AUD) Forecast: Will Bears Push Towards 0.6455? UOB Group FX Analysts Predict Weakening Trend
The Australian Dollar (AUD) is facing potential weakening according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. Despite significant support levels at 0.6425, the AUD is expected to continue its downward momentum towards 0.6455.
In the short-term view, AUD is anticipated to weaken further with a key support level at 0.6425. However, another support level at 0.6455 may come into play. To sustain the downward trend, AUD must stay below 0.6525 with minor resistance at 0.6510.
Looking ahead in the 1-3 weeks view, if AUD breaches 0.6565, it could indicate a stabilization of the recent weakness. However, with conditions currently oversold, a breach of 0.6550 is necessary to confirm the stabilization. Until then, the AUD may continue to weaken, potentially testing the significant support level at 0.6425.
Analysis: The forecast suggests that the Australian Dollar (AUD) is likely to weaken in the near future. Traders and investors should closely monitor the support levels at 0.6425 and 0.6455, as a breach of these levels could indicate a further decline in the AUD. It is important to stay informed and make well-informed decisions to protect investments and potentially capitalize on market movements.