Created
: 2025.09.03
2025.09.03 18:21
Instead of continuing to decline, Australian Dollar (AUD) is more likely to trade in a range of 0.6480/0.6540. In the longer run, AUD is expected to trade in a range, most likely between 0.6460 and 0.6560, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "AUD rose to a high of 0.6559 two days ago. Yesterday, we highlighted the following: 'Although upward momentum has not increased further, there are also no clear signs of a pullback. Overall, AUD may continue to drift higher today, but it is likely to remain within a range of 0.6540/0.6570.' We did not anticipate the sudden sharp decline that sent AUD to a low of 0.6483. AUD rebounded from the low to close at 0.6520 (-0.53%). The rebound from oversold conditions suggests that, instead of continuing to decline, AUD is more likely to trade in a range between 0.6480 and 0.6540."
1-3 WEEKS VIEW: "We have held a positive AUD stance since early last week (see annotations in the chart below). Yesterday (02 Sep, spot at 0.6555), we stated that AUD 'could continue to edge higher, and the levels to watch are 0.6570 and 0.6595.' However, AUD staged a surprisingly sharp drop that reached a low of 0.6483. The breach of our 'strong support' level at 0.6520 indicates that upward pressure has fizzled out. There has been an increase in downward momentum, but it is not sufficient to suggest a sustained decline. For the time being, we expect AUD to trade in a range, most likely between 0.6460 and 0.6560."
Created
: 2025.09.03
Last updated
: 2025.09.03
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