AUD/USD: A drop to 0.6595 is not ruled out so far – UOB – by pabspiovano AUDUSD Currencies Majors Banks
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, there is still the possibility for24-hour view: Last Friday, we expected AUD to test the major support at 0.6680, and we held the view that “a sustained decline below this level appears unlikely today.” While our view of a weaker AUD was not wrong, we did not anticipate the sharp selloff that sent it plunging to a low of 0.6623.
Next 1-3 weeks: After AUD fell sharply to 0.6699, we highlighted last Friday that “While downward momentum is building again, AUD has to break and stay below the major support at 0.6680 before further weakness is likely.” We indicated, “The next level to watch below 0.6680 is 0.6640.” In other words, we did not expect the price actions where AUD plunged below both 0.6680 and 0.6640. The decline was however, short-lived, as AUD rebounded strongly from a low of 0.6623.
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