Australian Dollar Set for Retest at 0.6400 Level Before Stabilization
The Australian Dollar (AUD) may experience a significant retest of the 0.6400 level before it moves toward stabilization. Analysts from UOB Group, including Quek Ser Leang and Lee Sue Ann, warn that the Australian Dollar is facing downward risks in the longer term. The support at 0.6380 is anticipated to play a crucial role as the AUD attempts to find its footing against major currency peers. Traders should keep a close eye on upcoming economic data releases and market sentiment as these factors could significantly impact the AUD’s patterns and stability. Preparing for potential volatility will be essential for investors as they navigate the challenges that lie ahead in the foreign exchange market.
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