The upside momentum in AUD/USD now targets the 0.7345 level in the near-term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected AUD to weaken yesterday but we were of the view that ‘any decline is unlikely to break the strong support at 0.7245’. Our view was not wrong as AUD recovered after touching a low of 0.7255. Downward pressure has eased somewhat and AUD is unlikely to weaken much further. Overall, AUD is likely to consolidate and trade between 0.7245 and 0.7305.”

Next 1-3 weeks: “We highlighted two days ago (17 Nov, spot at 0.7320) that AUD ‘is expected to trade with an upward bias to 0.7380’. Since then, AUD has not been able to clear the resistance at 0.7345. Upward momentum has eased and AUD the odds for further AUD strength have diminished and would continue to diminish unless AUD breaks 0.7345 within these 1 to 2 days. Conversely, a break of 0.7245 (no change in ‘strong support’ level) would indicate that AUD is not ready for 0.7380 just yet.”

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.

GBP/USD News

XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures