Expert Analysis: Australian Dollar (AUD) Expected to Edge Lower
As the world’s best investment manager and financial market journalist, I can confidently predict that the Australian Dollar (AUD) is likely to trade in a sideways range of 0.6630/0.6670 in the short term. However, in the longer run, AUD is expected to edge lower to 0.6620, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
In the 24-hour view, despite previous expectations of a weakening AUD, the currency traded sideways between 0.6642 and 0.6677, closing at 0.6653 (-0.12%). With no significant increase in momentum in either direction, further sideways trading is anticipated with an expected range of 0.6630/0.6670.
Looking ahead to the 1-3 week view, the analysis remains consistent with a prediction of AUD edging lower to 0.6620 as long as 0.6715 remains a strong resistance level. A clear break below 0.6620 could lead to a focus on 0.6580 in the coming weeks.
Overall, investors should be prepared for a potential decline in the Australian Dollar as market conditions remain uncertain. It is important to monitor key support and resistance levels to make informed decisions about your investments and financial strategies.
