OctaFX | OctaFX Forex Broker
Open trading account

AUD/USD a drop below 0.7530 appears unlikely – UOB

In view of FX Strategists at UOB Group, a drop below the 0.7530 area seems unlikely for the time being.

Key Quotes

24-hour view: “Instead of trading sideways (as expected yesterday), AUD dropped sharply after the release of the weaker than anticipated GDP data. The low has been 0.7558 and improved downward momentum suggests further weakness for today. That said, 0.7530 is a major support and this level is unlikely to yield so easily. Resistance is at 0.7590 followed by 0.7610. The 0.7638 high seen early yesterday is expected to be ‘safe’ for now”.

Next 1-3 weeks: “AUD is edging towards the bottom of the expected 0.7530/0.7650 consolidation range that was first highlighted one week ago. While the undertone has weakened, a sustained move below 0.7530 is not expected. This level is followed closely by another major longer-term support at 0.7500 that is unlikely to yield so easily. That said, only a move back above 0.7610 would indicate that the current mild downward pressure has eased”.

EUR/USD risks further pullbacks – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, technicals are now pointing to further weakness in spot. Key Quotes “EUR/U
Read more Previous

GBP/USD seen a tad higher in 12 months – Reuters poll

According to the currency strategists polled by Reuters, the pound is at 1.3300 in 2018, with risks remaining to the upside conditional on some progre
Read more Next
Start livechat