The Australian Dollar (AUD) is currently at risk of dipping below 0.6680, according to analysts from UOB Group FX. The next support level is at 0.6640, although it is considered unlikely to be reached today. In the short term, the AUD is expected to trade within a range of 0.6710 to 0.6750, with a potential dip below 0.6680. On the upside, 0.6735 is expected to serve as strong resistance.
Looking ahead to the next 1-3 weeks, analysts note that the recent upward momentum of the AUD has faded, with downward momentum slightly increasing. While there is a possibility for the AUD to drop below 0.6680, it is too early to determine if it will reach the next support level of 0.6640. On the upside, a breach of 0.6755 would indicate that the AUD is not declining further. Overall, the AUD is currently facing downward pressure, with resistance levels at 0.6720 and 0.6755.
The recent decline in the AUD has gathered momentum, with the currency closing at 0.6706 after reaching a low of 0.6698. This downward trend is expected to continue, potentially pushing the AUD below 0.6680. However, the likelihood of reaching the next support level at 0.6640 today is considered low. Any intraday rebound is expected to be capped at 0.6735, with minor resistance at 0.6720.
Overall, the AUD is facing a challenging period, with downward momentum increasing and the potential for further declines. While there is a possibility of breaching the major support level at 0.6680, it is uncertain whether the AUD will reach 0.6640. Resistance levels at 0.6720 and 0.6755 are likely to limit any upside potential in the near term. Traders and investors will need to closely monitor the AUD’s movements and key support levels in the coming days to assess the currency’s future direction.
