Likely to trade in a lower range of 0.6400/0.6470 – UOB Group

By: bitcoin ethereum news|2025/05/08 20:00:06
0
Share
copy
Rather than sustaining its downward momentum, Australian Dollar (AUD) is more likely to trade in a lower range of 0.6400/0.6470. In the longer run, AUD appears to have entered a consolidation phase and is likely to trade between 0.6370 and 0.6515, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. AUD appears to have entered a consolidation phase 24-HOUR VIEW: “While we expected AUD to ‘advance further’ yesterday, we pointed out that ‘the major resistance at 0.6550 is likely out of reach for now.’ We indicated that ‘to sustain the momentum, AUD must not break below 0.6460, with minor support at 0.6480.’ We were incorrect as after rising to 0.6515, AUD reversed sharply and plummeted to 0.6422. The decline appears overextended, and rather than sustaining its downward momentum, AUD is more likely to trade in a lower range of 0.6400/0.6470. In other words, AUD is unlikely to break clearly below 0.6400.” 1-3 WEEKS VIEW: “Two days ago (06 May, spot at 0.6455), we highlighted that ‘while further AUD strength is not ruled out, it must break and remain above 0.6510 before further sustained rise is likely.’ Yesterday (07 May), when AUD was at 0.6500, we indicated that ‘while we would have preferred a decisive break above 0.6510, the price action suggests that AUD could strengthen further to 0.6550.’ Our view was invalidated quickly as AUD reversed sharply and plummeted below our ‘strong support’ level at 0.6425. AUD appears to have entered a consolidation phase, and for the time being, it is likely to trade between 0.6370 and 0.6515.” Source: https://www.fxstreet.com/news/aud-usd-likely-to-trade-in-a-lower-range-of-06400-06470-uob-group-202505080948

You may also like

Mastercard Launches Agent Pay for AI, Plans to Record AI Agent Payment Authorizations on Polygon

Mastercard launched Agent Pay for AI, a new payment protocol designed to help AI agents make small payments such as pay-per-use access to data and APIs. The system plans to record human-granted AI agent permissions on Polygon, focusing on verifiable authorization, identity, and payment controls.

Curve Deploys Llamalend v2 on Optimism With 250,000 OP Incentives

Curve launched Llamalend v2 on Optimism with 250,000 OP incentives from the Optimism Foundation. The upgrade expands Llamalend beyond its earlier crvUSD-focused model, adding broader collateral support, LlamaRisk market reviews, and the ability to use Curve LP tokens as collateral.

Raydium Old Liquidity Pool Reportedly Exploited, With $1.34 Million Moved to Ethereum and Tornado Cash

An old Raydium liquidity pool was reportedly exploited for around $1.34 million in USDC, RAY, and wSOL, with the stolen funds bridged to Ethereum and deposited into Tornado Cash. The incident highlights the tail risks of legacy DeFi pools, old contracts, and cross-chain fund laundering paths.

Kalshi Executive Challenges “SBF Backed AI Unicorns” Narrative, Says Leopold Aschenbrenner Was Key Figure

Kalshi executive John Wang questioned the “SBF backed AI unicorns” narrative, saying Leopold Aschenbrenner was the key figure behind major AI investment decisions.

Pantera Capital Partner: How Tokenization is Restructuring the Private Equity and Early Investment Ecosystem?

Top tech companies are going public later and later, leaving retail investors shut out during the high growth period. Can tokenization give ordinary people back this entry ticket?

New York Proposes Stricter Stablecoin Issuer Rules Aligned With Federal GENIUS Act

NYDFS proposed stricter stablecoin issuer rules aligned with the GENIUS Act, covering reserves, custody, redemption timelines, audits, and capital buffers.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com