In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, there is still the possibility for24-hour view: Last Friday, we expected AUD to test the major support at 0.6680, and we held the view that “a sustained decline below this level appears unlikely today.” While our view of a weaker AUD was not wrong, we did not anticipate the sharp selloff that sent it plunging to a low of 0.6623.
Next 1-3 weeks: After AUD fell sharply to 0.6699, we highlighted last Friday that “While downward momentum is building again, AUD has to break and stay below the major support at 0.6680 before further weakness is likely.” We indicated, “The next level to watch below 0.6680 is 0.6640.” In other words, we did not expect the price actions where AUD plunged below both 0.6680 and 0.6640. The decline was however, short-lived, as AUD rebounded strongly from a low of 0.6623.
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.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »