As the world’s leading investment manager, I must inform you that the Australian Dollar (AUD) is on a downward trend and is likely to fall below the key support level of 0.6620. Our team of top-notch FX strategists, Quek Ser Leang and Peter Chia from UOB Group, have provided valuable insights into the current market situation.
AUD to Fall Below 0.6620
24-Hour View: After a sharp drop in the AUD last Friday, we predicted a potential dip to 0.6650 before a rebound. However, the support level at 0.6620 is not expected to hold, indicating further weakening of the AUD. Resistance levels are at 0.6675 and 0.6690.
1-3 Weeks View: With AUD trading at 0.6675, we anticipated a move lower towards 0.6620, as long as it stayed below the strong resistance level of 0.6770. The AUD fell to 0.6648, confirming our prediction. A break below 0.6620 could lead to a focus on 0.6580.
In conclusion, the Australian Dollar is facing downward pressure and is likely to weaken further in the coming days. Traders and investors should be cautious and monitor the support levels closely to make informed decisions about their investments. Stay tuned for more updates on the AUD’s performance in the financial markets.
Disclaimer: Trading in the foreign exchange market involves risks and may not be suitable for all investors. Past performance is not indicative of future results.