in the short-term horizon, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: Yesterday, we held the view that USD “has room to test 146.50.” We were also of the view that “the major support at 146.00 is unlikely to come under threat.” While USD weakened as expected, it plummeted to 145.89 before rebounding. The strong rebound in oversold conditions suggests USD is unlikely to weaken further.
Next 1-3 weeks: After USD fell sharply last Friday, we highlighted yesterday that “the current price movements are likely part of a consolidation phase.” We expected USD to trade between 146.00 and 148.00. We added, “Looking ahead, if USD breaks clearly below 146.00, it could trigger a deep pullback in USD.” We did not anticipate the volatile price action as USD plunged to 145.89 before rebounding strongly. While we prefer to see USD close below the support at 146.
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 »