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AUD/USD: Major support at 0.6655 is not expected to come into view – UOB Group
Key Takeaways (30s Read)
The support level for AUD/USD is being discussed with expectations for range trading.
According to UOB Group FX analysts Quek Ser Leang and Peter Chia, the AUD/USD pair might test 0.6670, yet the major support at 0.6655 is not expected to come into view. The analysts suggest that the current movements are likely part of a range-trading phase between 0.6655 and 0.6745. This indicates that traders should focus on short-term price fluctuations within this range, emphasizing the need for strategic entry points while keeping the upper and lower limits in mind.
AI Analyst
AI Opinion
"The current trend for AUD/USD is heavily influenced by range trading conditions. The invalidation of the support level at 0.6655 invites traders to consider the possibility of a test at 0.6670. Such market scenarios necessitate caution, especially during periods of low volatility. It's crucial to assess how upcoming economic data and geopolitical risks could impact this pair. In this context, a careful trading strategy is essential."
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