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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

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    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

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AUD/USD: Downside pressure gathers traction – UOB

AUD/USD’s downside momentum seems to be gaining pace, suggested FX Strategists at UOB Group.

poweradmin by poweradmin
September 9, 2020
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Key Quotes

24-hour view: “We expected AUD to trade sideways between 0.7265 and 0.7305 yesterday. AUD subsequently rose to a high of 0.7310 before staging a sharp and sudden sell-off that sent it plummeting to an overnight low of 0.7211. The rapid drop appears to be running ahead of itself but with no sign of stabilization just yet, AUD could continue to weaken. That said, the major support at 0.7150 is unlikely to come into the picture for today (there is another support at 0.7175). Resistance is at 0.7235 but AUD has to move back above 0.7260 in order to indicate that the current weakness has stabilized.”

Next 1-3 weeks: “Our latest narrative for AUD was from last Friday (04 Sep, spot at 0.7275) wherein AUD is expected to ‘trade sideways’ but the weakened underlying tone suggests ‘a lower range of 0.7190/0.7360’. While the bottom of the expected range is still intact (overnight low of 0.7211), downward momentum has picked up quickly and from here, AUD is expected to trade with a downward bias towards 0.7150. At this stage, the odds for a sustained decline below this level is not high. Overall, the current mild downward pressure is deemed as intact unless AUD moves back above 0.7295 within these few days.”

poweradmin

poweradmin

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