The Australian Dollar (AUD) could rebound; any advance is unlikely to reach 0.6600. AUD weakness from late last month has stabilised; it is likely to trade in a 0.6400/0.6600 range for the time being, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
The immediate resistance is at 0.6600
24-HOUR VIEW: “Our expectation for AUD to continue to rebound yesterday did not materialise, as it traded between 0.6472 and 0.6541, closing at 0.6519 (+0.34%). The underlying tone still seems firm, and we continue expect AUD to rebound. However, any advance is unlikely to reach the major resistance at 0.6600. Support is at 0.6500, followed by 0.6480.”
1-3 WEEKS VIEW: “After holding a negative AUD view since late last month, we indicated yesterday (06 Aug, spot at 0.6510) that the weakness has stabilised. We expected AUD to trade in neutral range of 0.6400/0.6600 for the time being. Our view remains unchanged.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0900 as risk mood improves
EUR/USD continues to move sideways above 1.0900 in the second half of the day on Wednesday. In the absence of high-tier data releases, the positive shift seen in risk sentiment limits the US Dollar's gains and helps the pair hold its ground.
USD/JPY holds near 147.00 after BoJ's Uchida-led volatility
USD/JPY remains strongly bid near 147.00 after testing 148.00 early Wednesday. Traders digest the dovish comments from the BoJ official Uchida, helping the Japanese Yen recover some ground, despite the upbeat mood. The Fed- BoJ policy divergence stays in the spotlight.
Gold tries to reclaim $2,400 following two-day slide
Gold stages a rebound and looks to stabilize above $2,400 after closing the first two days of the week deep in negative territory. Rising US Treasury bond yields seem to be limiting XAU/USD's upside ahead of the 10-year US Treasury note auction.
Bitcoin rebounds to $57,000 as on-chain data shows institutional investors remain in market despite recent decline
Metaplanet announces $69.13 million injection for further investment in Bitcoin. Santiment's data shows BTC's swift rebound to $57,000 occurred right after social media predicted a drop in the $40,000-$45,000 range.
JPY weaker, VIX falling, stocks rebound, what's next?
The Dollar is currently starting to appreciate again against most other currencies. In light of the negative headlines from the economic sight the Greenback might weaken again, though.