Select Language

AUD/USD: Chance to decline to 0.6500 - UOB Group

Breaking news

AUD/USD: Chance to decline to 0.6500 - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.07 19:01
AUD/USD: Chance to decline to 0.6500 - UOB Group

update 2024.11.07 19:01

Potential for the Australian Dollar (AUD) to decline to 0.6500; the likelihood of a sustained break below this level is not high, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.

A breach of 0.6640 to push AUD higher

24-HOUR VIEW: "After AUD fell sharply early yesterday, we indicated that it 'could drop further but a break of the major support at 0.6535 is unlikely.' We underestimated the downward momentum, as AUD fell to a three-month low of 0.6513. AUD recovered swiftly from the low, closing at 0.6571, down by 1.00% for the day. The bounce from the low has resulted in a slowdown in momentum. This, combined with oversold conditions, suggests that AUD is unlikely to weaken further. Today, it is more likely to trade in a range, probably between 0.6530 and 0.6610."

1-3 WEEKS VIEW: "Our most recent narrative was from Monday (04 Nov, spot at 0.6585), wherein the recent 'month-long AUD weakness has stabilised,' and AUD is expected to 'trade in a 0.6535/0.6655 range for now.' Yesterday (Wednesday), it touched 0.6645, then reversed abruptly and plummeted to a low of 0.6513. Despite the decline, there has been no significant increase in momentum. That said, there is potential for AUD to decline to 0.6500. Currently, the likelihood of a sustained break below this level is not high. On the upside, a breach of 0.6640 would mean that AUD is not weakening further."


Date

Created

 : 2024.11.07

Update

Last updated

 : 2024.11.07

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

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.

Was this article helpful?

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].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Bailey speech: Path of interest rates will be very different due to budget

Bank of England (BoE) Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press following the decision to lower the policy rate by 25 basis points (bps) at the November meeting.
New
update2024.11.07 21:49

NZD/USD Price Forecast: Bear move almost reaches target but MACD crosses higher

NZD/USD has fallen in the C wave of a bearish ABC pattern which began life at the September 30 highs.
New
update2024.11.07 21:43

Bailey speech: UK labour market giving mixed signals

Bank of England (BoE) Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press following the decision to lower the policy rate by 25 basis points (bps) at the November meeting.
New
update2024.11.07 21:41

US Dollar retreats from post-election rally as markets turn to Federal Reserve decision

The US Dollar (USD) is fading under profit-taking pressure on Thursday after the Greenback had its best performance in years in reaction to Donald Trump winning the US presidential election. Traders' attention shifts now to the Federal Reserve (Fed),
New
update2024.11.07 21:29

USD/CHF Price Prediction: Potential Bull Flag pattern forming

USD/CHF - which looked as if it might be reversing trend and starting a new short-term downtrend at the start of the week - suddenly turned on a dime and spiked higher on Wednesday.
New
update2024.11.07 20:56

Will the Riksbank go all out? - Commerzbank

The market has strongly priced in the fact that the Riksbank will frontload, as it expects the bank to cut rates by a whopping 50 basis points today, from 3.25% to 2.75%.
New
update2024.11.07 20:45

Crude Oil dips on Trump bearishness while Gulf output stalls

Crude Oil dips for a second day in a row on Thursday as commodity traders assess the impact of the Trump trade on Oil prices in the long term. US President-elect Donald Trump has vowed to boost shale Oil production in the US, which would add more
New
update2024.11.07 20:35

Will Norges start earlier? - Commerzbank

In Norway, inflation has remained at high levels for a long time compared to other countries, especially the core rate.
New
update2024.11.07 20:29

How dovish is the Bank of England really? - Commerzbank

In between central bank decisions from the far north and the US, the Bank of England (BoE) meets today, Commerzbank's FX Analyst Michael Pfister notes.
New
update2024.11.07 20:23

The German coalition goes out with a bang - Commerzbank

Not only was there a political bang in the US yesterday, but also in Germany late last night.
New
update2024.11.07 20:15

Disclaimer:arw

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.

  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Cancel