The Australian Dollar (AUD) Shows Signs of Rebound, But Faces Resistance at 0.6600
In the world of forex trading, the Australian Dollar (AUD) has been on a rollercoaster ride lately. After a period of weakness towards the end of last month, the AUD has managed to stabilize. According to UOB Group FX strategists Quek Ser Leang and Lee Sue Ann, the AUD is likely to trade in a range between 0.6400 and 0.6600 for the time being.
Looking at the short-term outlook, it seems that bears may try to push the AUD towards 0.6475. In the past 24 hours, the AUD experienced a sharp drop to 0.6349 before rebounding to close at 0.6497. While the currency could continue to rebound, it is unlikely to reach the 0.6600 mark. Support levels are at 0.6475 and 0.6445.
Taking a longer-term view, the outlook for the AUD has been negative since late last month. However, the recent bounce from the low of 0.6349 suggests that further weakness may be limited. The AUD weakness seems to have stabilized, leading to a more neutral view on the currency. With the recent volatility, the AUD could trade in a range of 0.6400 to 0.6600 in the near future.
In conclusion, while the AUD shows signs of rebounding, it faces resistance at 0.6600. Traders should keep a close eye on the support levels at 0.6475 and 0.6445 to gauge the currency’s next move. The volatility in the forex market can present both risks and opportunities for investors, so it’s important to stay informed and make well-informed decisions based on market trends.