AUD/USD ????????? ??? ????????? - Commerzbank
Forex News

Downside pressure mitigated above 0.5950 – UOB

The selling pressure around AUD/USD is seen alleviated above the 0.5950 level, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “While we expected AUD to weaken, we did not anticipate the sudden burst in volatility as AUD sliced through several strong support levels and closed lower by a whopping -3.87% (0.5771). There is no sign the current rout in AUD is about to end soon. Only a move above 0.5950 would indicate the current weakness has stabilized.”

Next 1-3 weeks: “The 0.5850 level indicated yesterday (18 Mar, spot at 0.5995) is but just a distant memory as AUD crashed to 0.5700. We have highlighted the ‘lack of support levels note’ support last Friday (13 Mar) and from here, there is a support (albeit a minor one) at 0.5230. Below that, is the record low of 0.4775 (Apr 2001). On the upside, the ‘strong resistance’ is at 0.6000 now (from yesterday’s level of 0.6180.”

Source Link