The AUD/USD is currently expected to test 0.6800 - UOB

Further downward momentum, according to UOB Group FX Strategists Quek Ser Leang and Lee Sue Ann, could see the AUD/USD retest the 0.6800 level in the coming weeks.

May 16, 2022 - 01:40 PM 244 views

The AUD/USD is currently expected to test 0.6800 - UOB

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Further downward momentum, according to UOB Group FX Strategists Quek Ser Leang and Lee Sue Ann, could see the AUD/USD retest the 0.6800 level in the coming weeks.

Important Quotes

24-hour View: "Our forecast for the Australian dollar to 'trade between 0.6900 and 0.6995' yesterday was inaccurate, as it broke through 0.6900 and fell to 0.6829 before recovering. Although the sudden drop appears to be excessive, the Australian dollar could retest the 0.6830 level. The next level of support, around 0.6800, is unlikely to be challenged. The resistance level is 0.6900, which is followed by 0.6925."

Next 1-3 Weeks: "We warned yesterday (12 May, spot at 0.6930) that unless the AUD closes below 0.6900 within the next 1 to 2 days, the chances of a protracted slide will fade swiftly." The Australian dollar then fell to 0.6829 before recovering to settle at 0.6858. (-1.20 percent ). The increase in downward momentum means that the Australian dollar could fall to 0.6800. As long as the AUD does not rise over 0.6960 ('strong resistance' level), the negative pressure will continue."

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