OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD now seen re-testing 0.6755 – UOB

AUD/USD could extend the correction lower to the mid-0.6700s, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “While we held the view that AUD could weaken yesterday, the rapid pace of decline that sent it tumbling to a low of 0.6780 was not exactly expected. The decline is running too fast, too soon and further sustained weakness is not expected for today. AUD is more likely to consolidate its loss and trade sideways at these lower levels, expected to be between 0.6780 and 0.6820”.

Next 1-3 weeks: “While we indicated yesterday (19 Sep, spot at 0.6820) that a “short-term top is in place”, we expected AUD to trade sideways to ‘slightly lower’. However, AUD closed sharply lower for the second straight day (AUD lost -0.56% on top of -0.54% on Wed, for a two-day loss of - 1.10%, the largest two-day decline since late April). In other words, the ‘solid support’ at 0.6755 that we highlighted yesterday may not hold. To look at it another way, from here we expect AUD to trade with a downward bias towards 0.6755. If there is a clear break 0.6755, the risk of a test of 0.6700 would increase considerably. On the upside, only a move above 0.6850 would indicate the current downward pressure has eased”.

USD/CHF bounces off lows, still in the red just above 0.9900 handle

The USD/CHF pair reversed a knee-jerk drop and quickly recovered around 20-25 pips in the last hour, albeit lacked any strong follow-through. The pair
Read more Previous

Saudi Aramco Executive: We are confident of returning to full production by the end of September

An executive at the Saudi Arabian state oil giant, Aramco, said that “we are confident of returning to full production by the end of September”, per R
Read more Next
Start livechat