AUD/USD: Near-term outlook remains weak – UOB – by pabspiovano AUDUSD Currencies Majors Banks
could extend the decline to the 0.6680 region in the short-term horizon, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We highlighted last Friday that ‘despite the lackluster downward momentum, we continue to see room for AUD to test 0.6775 before a more sustained rebound is likely”. While our view for AUD to weaken was correct, instead of testing 0.6775, AUD plummeted to a low of 0.6719 before closing on a weak note at 0.6726 .
Next 1-3 weeks: “Our most recent narrative was from last Thursday , where we indicated that AUD ‘is likely to weaken further to 0.6775, possibly 0.6730’. Our view turned out to be correct as AUD plummeted to a low of 0.6719 on Friday. Thein AUD remains weak and the next levels to watch are at 0.6680 and 0.6630. All in all, only a breach of 0.6820 would indicate that the AUD weakness that started more than a week ago has come to an end.
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