The Australian Buck (AUD) might perhaps maybe decline additional to 0.6650; the main toughen at 0.6620 is seemingly out of attain. In the longer speed, fast amplify in momentum is seemingly to outcome in additional AUD weakness; the degrees to track are 0.6650 and nil.6620, UOB Neighborhood’s FX analysts Quek Ser Leang and Peter Chia trace.
Ranges to track are 0.6650 and nil.6620
24-HOUR VIEW: “We indicated the outdated day that AUD ‘might perhaps maybe retest the 0.6700 stage sooner than one other rebound is seemingly.’ AUD subsequently dropped to 0.6698 nonetheless did no longer rebound. AUD closed at 0.6703 in NY alternate (-0.34%) nonetheless dropped sharply in early Asian session on the present time. Downward momentum is increasing like a flash, and AUD might perhaps maybe continue to decline to 0.6650. The main toughen at 0.6620 is seemingly of attain on the present time. To withhold the momentum going, AUD must live underneath 0.6715 (minor resistance is at 0.6700).”
1-3 WEEKS VIEW: “In our most most up-to-date yarn from closing Thursday (10 Oct, space at 0.6720), we indicated that ‘whereas there turn out to be no fundamental amplify in momentum, the bias for AUD remains on the plot back.’ The day outdated to this, AUD dropped to a low of 0.6698. At the present time, it fell clearly underneath 0.6700. The rate motion has resulted in a fast amplify in momentum, and here’s seemingly to outcome in additional AUD weakness. The levels to track are 0.6650 and nil.6620. On the upside, must aloof AUD smash above 0.6740 (‘real resistance’ stage previously at 0.6785), it might perhaps maybe well mean that the AUD weakness that started early this month has stabilised.”
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