Australian Greenback (AUD) is more likely to commerce in a variety between 0.6420 and 0.6485 vs US Greenback (USD). Within the longer run, additional AUD energy isn’t dominated out, but it surely should first break clearly above 0.6510, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Additional AUD energy isn’t dominated out
24-HOUR VIEW: “AUD rose to 0.6495 yesterday earlier than pulling again. The pullback in overbought circumstances recommend that as an alternative of continuous to advance, AUD is extra more likely to commerce in a variety between 0.6420 and 0.6485.”
1-3 WEEKS VIEW: “Yesterday, AUD rose to a five-month excessive of 0.6494 earlier than easing. Whereas additional AUD energy isn’t dominated out, it should break and stay above 0.6510 earlier than additional sustained rise is probably going. The chance of AUD breaking clearly above 0.6510 will stay intact so long as 0.6385 (‘robust assist’ stage) isn’t breached. Wanting forward, ought to AUD break clearly above 0.6510, the subsequent stage to observe is 0.6550.”
