Instead of continuing to fall, the Australian dollar (Aud) is more likely to operate in a range of 0.5945/0.6110 against the US dollar (USD). In the long term, additional falls are not ruled out; Given the deep overall conditions, it is not clear if the AU can reach the following support at 0.5870, the FX analysts of UOB Group, quek being Leang and Peter Chia.
Additional falls are not ruled out
24 -hour vision: “After the dramatic fall of last Friday, the Aud continued to fall yesterday, although at a slower pace, closing down 0.94% in 0.5988. The strong fall seems to have been excessive. This, combined with early signs of deceleration of the impulse, indicates that instead of continuing to fall, the Aud is more likely that it operates in a range of 0.5945/0.6110 today.”
Vision at 1-3 weeks: “In our last update last Friday, April 5, when the AU was at 0.6330, we indicated that the Aud ‘must break and stay above the significant resistance at 0.6410 before additional advances can be expected.’ Not only did the AUD not break over 0.6410, but also experienced a dramatic fall in the last two days.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
