AUD/USD: Further upside now seems out of favour – UOB
|In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, AUD/USD has now likely move into a consolidative phase.
Key Quotes
24-hour view: “Yesterday, we highlighted that AUD ‘is likely to trade with a downward bias towards 0.7150’. We added, ‘a clear break of this level is unlikely’. AUD subsequently spiked to a high of 0.7249, dropped to 0.7157 before rebounding to close at 0.7233 (+0.54%). The rebound from the low could extend but a break of the strong resistance at 0.7260 is unlikely. Support is at 0.7195 followed by 0.7170.”
Next 1-3 weeks: “Our update from yesterday (07 Jun, spot at 0.7190) still stands. As highlighted, the recent AUD strength has come to an end and AUD is likely to consolidate and trade between 0.7100 and 0.7260 for now. Looking ahead, the consolidation phase is likely to be resolved by a break above 0.7260. That said, AUD has to close above 0.7285 before a sustained advance is likely.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.