AUD/USD remains under selling pressure although a test of 0.6735 looks unlikely in the near-term.
Key Quotes
24-hour view: “AUD traded sideways between 0.6772 and 0.6791 yesterday, narrower than our expected sideway-trading range of 0.6770/0.6800. AUD opened on a weak note early this morning and the improved downward momentum suggests the risk is on the downside. That said, the major 0.6735 support is likely out of reach for today (minor support at 0.6750). On the upside, 0.6790 is likely strong enough to cap any intraday AUD strength”.
Next 1-3 weeks: “AUD continues to trade in a quiet manner and registered an ‘inside day’ for the second straight day. While the weak opening this morning has resulted in a slight improvement in downward momentum, we continue to hold the same view from Tuesday (26 Nov, spot at 0.6780) wherein while the ‘risk remains on the downside’, the next support at 0.6735 ‘may not come into the picture anytime soon’. On the upside, only a move above 0.6810 (‘strong resistance’ level previously at 0.6825) would indicate the current mild downward pressure has eased”.
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