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AUD/USD Risks A Move To The 0.6550 Zone - UOB
Wednesday, 26 February 2020 15:39 WIB | CURRENCIES |AUD/USD,Dollar Australia,Aussie

Further downside could drag AUD/USD to the mid-0.6500s in the next weeks, noted FX Strategists at UOB Group.

24-hour view: œAUD traded between 0.6586 and 0.6622, lower and narrower than our expected sideway-trading range of 0.6590/0.6635. The price action offers no fresh clues and AUD could continue to trade sideways. Expected range for today, 0.6580/0.6625.

Next 1-3 weeks: œAUD eked out a fresh low of 0.6585 (one pip below last Friday™s 0.6586 low) before recovering. For now, there is no change in our view from Friday (14 Feb, spot at 0.6615) wherein the risk for AUD is on the downside. That said, AUD has declined considerably since the start of the year and we have a relatively modest downside ˜target™ of 0.6550. On the upside, a breach of 0.6680 (no change in ˜strong resistance™ level) would indicate the current downward pressure has eased.

Source : FX Street

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