FX Strategists at UOB Group believe the bearish phase around the Aussie Dollar could be drawing to a close. Key Quotes 24-hour view: “Against our expectation for further strength, AUD traded sideways yesterday within a range of 0.7397/0.7443. The consolidation phase appears incomplete and further range trading is expected from here, likely between 0.7390 and 0.7440″. Next 1-3 weeks: “While we highlighted in the recent updates that the bearish phase in AUD is “approaching oversold levels” and indicated that any “weakness is likely limited to 0.7330, 0.7300″, the strong rally last Friday came as a surprise (AUD gained +0.83% and closed at 0.7439). However, the ‘stop-loss’ level at 0.7455 is still intact and only a break of this level would confirm an end to the current bearish phase. This scenario appears to be likely unless AUD can move and stay below 0.7375 within these 1 to 2 days”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Technical Analysis: Cable correcting the 80-pip bear leg FX Street 5 years FX Strategists at UOB Group believe the bearish phase around the Aussie Dollar could be drawing to a close. Key Quotes 24-hour view: "Against our expectation for further strength, AUD traded sideways yesterday within a range of 0.7397/0.7443. The consolidation phase appears incomplete and further range trading is expected from here, likely between 0.7390 and 0.7440". Next 1-3 weeks: "While we highlighted in the recent updates that the bearish phase in AUD is "approaching oversold levels" and indicated that any "weakness is likely limited to 0.7330, 0.7300", the strong rally last Friday came as a surprise (AUD gained +0.83% and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
