24-hour view: “We did not anticipate the sharp selloff in AUD last Friday . While clearly oversold, there is room for AUD to weaken further. However, a sustained decline below 0.6870 is unlikely. Resistance is at 0.6950, a break of 0.6980 would indicate that the weakness in AUD has stabilized.”
Next 1-3 weeks: “Last Friday , we indicated that instead of heading higher, AUD is more likely to consolidate between 0.7000 and 0.7135. We did not anticipate the sharp selloff as AUD plunged by 2.16% , its largest 1-day drop since Dec last year. While AUD could weaken further, we expect 0.6825 to offer solid support. The downside risk is intact as long as AUD stays below the ‘strong resistance’ level, currently at 0.7025.
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