In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, extra losses in AUD/USD are expected to meet a tough support around the 0.6825 level.
Key Quotes
24-hour view: “We did not anticipate the sharp selloff in AUD last Friday (we were expecting AUD to range trade). While clearly oversold, there is room for AUD to weaken further. However, a sustained decline below 0.6870 is unlikely. Resistance is at 0.6950, a break of 0.6980 would indicate that the weakness in AUD has stabilized.”
Next 1-3 weeks: “Last Friday (03 Feb, spot at 0.7075), we indicated that instead of heading higher, AUD is more likely to consolidate between 0.7000 and 0.7135. We did not anticipate the sharp selloff as AUD plunged by 2.16% (NY close of 0.6924), its largest 1-day drop since Dec last year. While AUD could weaken further, we expect 0.6825 to offer solid support. The downside risk is intact as long as AUD stays below the ‘strong resistance’ level, currently at 0.7025.”
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