AUD/USD: Analyzing Momentum and Key Support Levels
Friday, 2 August 2024, 09:27
AUD/USD Analysis
The Australian Dollar (AUD) is showing signs of potential weakness against the US Dollar (USD). According to the latest analysis from UOB Group FX analysts Quek Ser Leang and Lee Sue Ann:
- Critical support level: 0.6425 is expected to remain out of reach for now.
- Secondary support: 0.6455 may hold temporarily.
- Maintaining momentum: The AUD/USD must remain below 0.6525 to sustain its current momentum.
Conclusion
In summary, if the AUD/USD exchange rate continues to trade below 0.6525, it will likely enhance the bearish sentiment; otherwise, a breakout above could indicate a potential trend reversal.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.