Analysis: Australian Dollar (AUD) Weakness Continues
Renowned FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group have provided insights into the current state of the Australian Dollar (AUD) and its expected trajectory in the near future.
24-Hour View
- The recent sharp drop in AUD, reaching a low of 0.6614, has caught many by surprise.
- Strong momentum indicates further weakness in AUD is likely.
- Significant support at 0.6585 may be out of reach for now, with another support level at 0.6605.
- To sustain the downward momentum, AUD must stay below 0.6665, facing minor resistance at 0.6650.
1-3 Weeks View
- UOB Group has maintained a negative outlook on AUD since earlier this month.
- The recent plummet to 0.6614 confirms the continued weakness in AUD.
- The key level to monitor is the significant support at 0.6585, indicating a potential further decline.
- On the upside, a strong resistance level has shifted lower to 0.6685.
Implications for Investors and Traders
For investors and traders in the currency markets, the analysis provided by UOB Group suggests a bearish outlook on the Australian Dollar. Understanding the key support and resistance levels can help in making informed decisions regarding AUD-related investments.
Conclusion
As the AUD continues to show signs of weakness, it is essential for market participants to stay updated on the latest developments and key levels to watch. The insights provided by UOB Group’s FX analysts offer valuable guidance for navigating the current market conditions and positioning oneself for potential opportunities or risks in the coming weeks.