Downward momentum has not elevated additional; Australian Greenback (AUD) is predicted to commerce between 0.6380 and 0.6445 in opposition to US Greenback (USD). Within the longer run, a breach of 0.6370 would imply that the present worth actions are a part of a spread buying and selling part, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Downward momentum has not elevated additional
24-HOUR VIEW: “The next are the excerpts from our replace yesterday: ‘After rising to 0.6501, AUD pulled again to 0.6424 earlier than closing on a mushy be aware at 0.6429, a decline of 0.66%. There was a slight improve in downward momentum, however as a substitute of a sustained decline, AUD is extra prone to commerce in a decrease vary of 0.6400/0.6465.’ AUD then traded between 0.6391 and 0.6457, closing decrease by 0.37% at 0.6405. The value motion didn’t lead to additional improve in downward momentum. Right now, we count on AUD to commerce between 0.6380 and 0.6445.”
1-3 WEEKS VIEW: “When AUD was at 0.6470 on Wednesday (14 Might), we indicated that ‘To proceed to rise, AUD should break and maintain above 0.6515. ‘We added, ‘The possibility of AUD breaking clearly above 0.6515 will improve within the subsequent few days, offered that the ‘sturdy help’ degree, presently at 0.6370, shouldn’t be breached.’ Since then, AUD drifted decrease and the prospect of it breaking clearly above 0.6515 has diminished. A breach of 0.6370 (no change in ‘sturdy help’ degree) would imply that the present worth actions are a part of a spread buying and selling part.”
