AUD/USD Faces Downward Pressure Amid Risk of Lower Support Levels
The current price movements of AUD/USD indicate a consolidation phase likely ranging between 0.6435 and 0.6475. However, the longer-term outlook for the Australian Dollar (AUD) suggests a shift towards downside risks. Analysts at UOB Group, Quek Ser Leang and Lee Sue Ann, highlight that the 0.6380 level will serve as a significant support threshold. Should prices drop to this level, it may lead to increased selling pressure and further declines. Traders are advised to monitor the AUD/USD closely as developments around these key levels could influence trading strategies moving forward.
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