AUD/USD: Likely to trade between 0.6450 and 0.6510 – UOB Group

FXStreet Insights Team FXStreet

Australian Dollar (AUD) is likely to trade between 0.6450 and 0.6510. In the longer run, downward bias remains intact, but AUD must close below 0.6440 before a move to 0.6405 can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Downward bias remains intact

24-HOUR VIEW: "AUD fell as we expected two days ago. Yesterday, we indicated that 'instead of continuing to weaken today, AUD is more likely to trade in a range between 0.6485 and 0.6530'. We were incorrect. AUD continued to drop to a low of 0.6451 and then rebounded to close at 0.6479 (-0.46%). Given the rebound, there has been no significant increase in downward momentum, and AUD is unlikely to weaken much further. Today, we expect AUD to trade between 0.6450 and 0.6510."

1-3 WEEKS VIEW: "On Tuesday (18 Nov, spot at 0.6490), we highlighted that 'downward momentum is starting to build, and AUD is likely to trade with a downward bias toward 0.6460'. Yesterday, AUD broke below 0.6460 and reached a low of 0.6451. While the downward bias remains intact, AUD must close below 0.6440 before a move to 0.6405 can be expected. The likelihood of AUD closing below 0.6440 will remain intact as long as 0.6525 (‘strong resistance’ level previously at 0.6540) is not breached."

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FXStreet Insights Team

FXStreet

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