FX Strategists at UOB Group do not rule out the continuation of the rebound in AUD/USD, although the mid-0.6800s looks a tough barrier so far. Key Quotes 24-hour view: “Our view for AUD last Friday was that “the rapid decline is severely over-extended and further sustained weakness is not expected for today”. However, instead of consolidating, AUD rebounded strongly and closed right at the high of 0.6822 (+0.54%). While the rebound appears to be running ahead of itself, there is scope to for AUD to extend its advance. That said, the strong 0.6845 resistance could be just out of reach. Support is at 0.6800 but the stronger level is at 0.6785″. Next 1-3 weeks: “We held the view yesterday (14 Nov, spot at 0.6810) that the “risk is on the downside but any weakness is likely limited to 0.6765″. AUD subsequently extended its decline and plummeted to 0.6770. While the price action has resulted in a rapid improvement in momentum, longer-term conditions are still rather oversold and the prospect for a sustained decline below 0.6765 is still not that high. That said, AUD is expected to remain on the back foot unless it can move back above 0.6845 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 ECB’s de Guindos: Low-for-longer interest rate environment to weigh on bank profitability FX Street 3 years FX Strategists at UOB Group do not rule out the continuation of the rebound in AUD/USD, although the mid-0.6800s looks a tough barrier so far. Key Quotes 24-hour view: "Our view for AUD last Friday was that "the rapid decline is severely over-extended and further sustained weakness is not expected for today". However, instead of consolidating, AUD rebounded strongly and closed right at the high of 0.6822 (+0.54%). While the rebound appears to be running ahead of itself, there is scope to for AUD to extend its advance. That said, the strong 0.6845 resistance could be just out of reach.… 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.
