Created
: 2024.11.01
2024.11.01 18:55
The Australian Dollar (AUD) is expected to trade in a range between 0.6550 and 0.6600. In the longer run, the potential for further sustained decline may be limited; the next level to monitor is 0.6520, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "AUD traded in a range between 0.6540 land 0.6585 yesterday, closing slightly higher at 0.6582 (+0.15%). Momentum indicators are turning neutral, and AUD is expected to continue to trade in a range, likely between 0.6550 and 0.6600."
1-3 WEEKS VIEW: "In our most recent narrative from two days ago (30 Oct, spot at 0.6565), we pointed out the 'Although the weakness has not stabilised, given that the current decline is entering its second month, the potential for further sustained weakness may be limited.' We also pointed out 'The next level to monitor is 0.6520.' There is no change in our view. Overall, only a breach of 0.6620 (no change in 'strong resistance' level) would mean that the weakness in AUD has stabilised."
Created
: 2024.11.01
Last updated
: 2024.11.01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy