Created
: 2025.07.31
2025.07.31 18:59
Strong momentum is likely to lead to further weakness; oversold conditions suggest Australian Dollar (AUD) may not reach 0.6405. In the longer run, momentum continues to build; AUD could potentially break below 0.6405 and test June's low, near 0.6375, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "Our view of range-trading yesterday was incorrect, as AUD dropped sharply to a low of 0.6427. Strong momentum is likely to lead to further weakness, but the oversold conditions suggest any decline may not reach 0.6405 (with minor support at 0.6420). Resistance levels are 0.6465 and 0.6485."
1-3 WEEKS VIEW: "We highlighted two days ago (29 Jul, spot at 0.6525) that the recent "buildup in upward momentum had dissipated, and there are early signs of building downward momentum." We were of the view that AUD "is likely to edge lower, potentially reaching 0.6480." Rather than edging lower, AUD plunged below 0.6480 yesterday, reaching a low of 0.6427. Momentum continues to build, and AUD could potentially break below 0.6405 and test June's low, near 0.6375. To maintain the momentum buildup, AUD must hold below 0.6520 ('strong resistance' level was at 0.6570 yesterday)."
Created
: 2025.07.31
Last updated
: 2025.07.31
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