AUD/USD: Has a chance to reach 0.6560, possibly 0.6600 – UOB Group
|The Australian Dollar (AUD) is expected to trade between 0.6485 and 0.6535. In the longer run, current price action is part of a rebound that could reach 0.6560, possibly 0.6600, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Current price action is part of a rebound
24-HOUR VIEW: “We expected AUD to ‘rise further to 0.6560’ yesterday. However, AUD pulled back sharply from a high of 0.6545 to 0.6485, before recovering to close at 0.6506 (-0.40%). The current price movements are likely part of a range trading phase. Today, we expect AUD to trade between 0.6485 and 0.6535.”
1-3 WEEKS VIEW: “Our update from yesterday (20 Nov, spot at 0.6530) remains valid. As highlighted, ‘the current price action is part of a rebound that could reach 0.6560, possibly 0.6600.’ We will maintain the same view as long as AUD remains above 0.6460 (no change in ‘strong support’ level).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.