Higher consolidation in the Australian dollar (AUD) still seems likely against the US dollar (USD), probably between 0.6505 and 0.6555. In the long term, the accumulation of impulse is fading, but only a break of 0.6585 would indicate that the audience is likely to operate in a range instead of lowering, the FX analysts of Uob Group, quek being Leang and Peter Chia.
Above 0.6585, the Aud is likely to operate in a range
24 -hour perspective: “In the early Asian trade of yesterday, when the AU was at 0.6525, we pointed out that ‘price movements still seem to be part of a consolidation phase.’ We expected the Aud ‘to be negotiated in a range of 0.6495/0.6555.’ Then, the AU was consolidated in a narrow range between 0.6510 and 0.6548 before closing a large extent without changes in 0.6535 (+0.07%).
Perspective 1-3 weeks: “Two days ago (July 8, par at 0.6515), we point out that ‘the downward impulse is beginning to accumulate.’ We expected the audience to go down to 0.6460. ‘ The AUD was negotiated in the last days, but although the accumulation of impulse seems to be fading, only a rupture of 0.6585 (without change in the level of ‘strong resistance’) would mean that the audience is likely to operate in a range instead of lowering. “
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.
