There may be potential for AUD to check 0.6535; delicate momentum suggests a transparent break above this stage is unlikely. Within the longer run, bias stays on the upside, nevertheless it stays to be seen if AUD can break clearly above 0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
A transparent break above 0.6535 is unlikely
24-HOUR VIEW: “We famous yesterday that ‘momentum indicators are largely flat, and additional sideways buying and selling seems doubtless at the moment, most likely in a variety of 0.6480/0.6520.’ Nonetheless, AUD edged to a excessive of 0.6533 earlier than easing to shut at 0.6518 (+0.35%). There was a slight improve in momentum. Immediately, there may be potential for AUD to check 0.6535. Given the present delicate momentum, a transparent break above this stage is unlikely. The most important resistance at 0.6555 can also be unlikely to come back underneath menace. Assist is at 0.6500; a breach of 0.6485 would point out that the present delicate upward strain has eased.”
1-3 WEEKS VIEW: “Final Tuesday (03 Jun, spot at 0.6490), we highlighted that the current ‘value motion suggests AUD might proceed to rise and check the numerous resistance stage at 0.6540.’ After AUD rose to 0.6538, we highlighted final Friday (06 Jun, spot at 0.6510) that ‘the bias stays on the upside, nevertheless it stays to be seen if AUD can break clearly above 0.6555.’ Our narratives stay unchanged. General, solely a breach of 0.6470 (‘robust help’ stage beforehand at 0.6455) would imply that the upside bias has light.”
