OctaFX | OctaFX Forex Broker
Open trading account
Back

Downside pressure in AUD/USD looks mitigated – UOB

In light of the recent price action in AUD/USD, the selling pressure appears to have lost some traction, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD retreated quickly after briefly touching a high of 0.6933. A temporary top could be in place and from here, barring a move back above 0.6933, AUD could edge lower towards 0.6875. In view of the lackluster momentum, the next support at 0.6850 is likely ‘safe’ for today. On the upside, 0.6915 is a minor resistance ahead of 0.6933.”

Next 1-3 weeks: “AUD popped briefly to a high of 0.6934 yesterday (06 Jan) before retreating to end the day slightly lower at 0.6896 (-0.14%). While our ‘strong resistance’ level at 0.6950 is still intact, downward pressure has eased considerably. In other words, it appears increasingly likely that the pull-back from the late December’s peak of 0.7032 has found a short-term bottom at 0.6849 (low last Wednesday, 08 Jan). Meanwhile, a break of 0.6850 is not ruled out just yet.”

EUR/USD looks for direction near 1.1140

The single currency is alternating gains with losses at the end of the week, motivating EUR/USD to navigate within the a tight range near the 1.1140 r
Read more Previous

USD/CAD remains confined in a range below mid-1.3000s, weekly lows

The USD/CAD pair remained depressed through the early European session on Friday and is currently placed near the lower end of its weekly trading rang
Read more Next
Start livechat