AUD/USD: Further downside likely below 0.6630 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
In the view of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, further retracement in24-hour view: “We indicated last Friday that ‘downward pressure has eased somewhat but AUD could drop towards the 0.6600 level again before a more sustained recovery is likely’. However, after dropping to 0.6618, AUD rebounded to a high of 0.6675 and then closed at 0.6651 . Downward pressure has eased and AUD has likely entered a consolidation phase.
Next 1-3 weeks: “In our latest narrative from last Friday , we noted that ‘downward momentum has not improved much’ but we see a chance for AUD to drop to 0.6575. AUD dropped to 0.6618, rebounded and then closed at 0.6651 . Short-term downward momentum is beginning to ease and AUD has to break and stay below 0.6630 in the next 1-2 days or the chance of it declining further to 0.6575 will fizzle out. Conversely, a clear breach of 0.6685 would indicate that AUD is not weakening further.
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