Australian Greenback (AUD) is anticipated to commerce in a variety between 0.6445 and 0.6490 in opposition to US Greenback (ISD). Within the longer run, worth motion suggests AUD may proceed to rise and check the numerous resistance stage at 0.6540, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Value motion suggests AUD may proceed to rise
24-HOUR VIEW: “On Monday, AUD soared to a excessive of 0.6500. Yesterday, Tuesday, we identified that ‘the sharp rise seems extreme, however there’s room for AUD to check 0.6510 earlier than leveling off.’ Nevertheless, after retesting 0.6500, AUD retreated to 0.6447 within the early NY session earlier than settling at 0.6462 (-0.52%). There was no enhance in both downward or upward momentum. As we speak, we count on AUD to commerce in a variety, almost certainly between 0.6445 and 0.6490.”
1-3 WEEKS VIEW: “When AUD was at 0.6490 yesterday (03 Jun, spot at 0.6490), we highlighted that the ‘worth motion suggests AUD may proceed to rise and check the numerous resistance stage at 0.6540.’ We additionally highlighted that ‘ought to AUD break under 0.6430, it might imply that it isn’t prepared to go increased simply but.’ Our view stays unchanged.”
