0811 GMT - The Australian dollar's downtrend against the greenback is nearing "exhaustion," based on charts, UOB Global Economics & Markets Research's Quek Ser Leang says. Despite the currency pair's downward path, the daily moving average convergence divergence indicator remains in positive territory, signaling a bullish divergence, the strategist says. Weekly stochastics are at deeply oversold levels and showing signs of a potential crossover, which implies downward pressure could be moderating with rising risk for recovery. A clear break above the declining daily trendline resistance, now at 0.6245, would boost the likelihood of a bottoming process for AUD/USD, the strategist adds. AUD/USD is 0.2% higher at 0.6205. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 15, 2025 03:11 ET (08:11 GMT)
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