AUD/USD is set to dip below 0.6680

The Australian Dollar (AUD) could dip below 0.6680; the next support at 0.6640 is highly unlikely to come into view today, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

The next support below 0.6680 is at 0.6640

24-HOUR VIEW: “We expected AUD to trade in a sideways range of 0.6710/0.6750 yesterday. However, it dropped to a low of 0.6698, closing on a soft note at 0.6706 (-0.33%). The decline has gathered momentum, and AUD could dip below 0.6680. The next support at 0.6640 is highly unlikely to come into view today. On the upside, 0.6735 is likely strong enough to cap any intraday rebound. Minor resistance is at 0.6720.”

1-3 WEEKS VIEW: “Two days ago (17 Jul, spot at 0.6730), we noted that ‘not only has the recent upward momentum faded, but downward momentum has also increased slightly.’ We expected AUD to trade with a downward bias, but we pointed out that ‘at this time, it does not appear to have enough momentum to break the major support at 0.6680.’ Yesterday, AUD fell to a low of 0.6698. Downward momentum has increased further, albeit not much. While there is scope for AUD to drop below 0.6680, it is too early to determine if there is enough momentum for it to reach 0.6640. On the upside, a breach of 0.6755 (‘strong resistance’ level previously at 0.6775) would indicate that AUD is not declining further.”

Share: Feed news

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.