It is likely to be exchanged as part of 0.5945 / 0.6110 – UOB group

As a substitute of continuous to lower, the Australian greenback (AUD) is prone to be negotiated in a spread of 0.5945 / 0.6110 in comparison with the US greenback (USD). In the long run, extra drops can’t be excluded; As a result of circumstances of deep saturation, it isn’t clear if the AUD can attain the following degree of help at 0.5870, and FX analysts within the Uob Cuke Sir Liang group and Peter Cheia point out.

No extra decreases can’t be excluded

24 hours expectations: “After the spectacular lower final Friday, the AUD continued to lower yesterday, though a slower price, closed a lower of 0.94% to 0.5988. The sharp drop was exaggerated. 0.5945 / 0.6110 at present.

1 to three weeks expectations: “Throughout our final replace final Friday April 05, when the AUD was 0.6330, we indicated that the AUD ‘ought to penetrate and preserve the big resistance to 0.6410 earlier than anticipating extra progress.” Aud not solely penetrated 0.6410, however has additionally skilled a spectacular lower within the final two days. Though it isn’t attainable to exclude extra drops, as a result of deep saturated circumstances, it isn’t clear if the AUD can attain the following help degree at 0.5870.