Australian Greenback (AUD) is anticipated to commerce in a variety in opposition to US Greenback (USD), seemingly between 0.6490 and 0.6535. 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 be aware.
More likely to commerce between 0.6490 and 0.6535
24-HOUR VIEW: “We said within the early Asian session yesterday that ‘upward momentum has elevated additional, indicating additional upside strain.’ Nonetheless, we highlighted that ‘the foremost resistance at 0.6555 is probably going out of attain.’ We additionally highlighted that ‘there may be one other resistance degree at 0.6540.’ Within the early NY session, AUD rose briefly to 0.6546 earlier than retreating to shut at 0.6503. The worth motion didn’t lead to any improve in upward momentum. In the present day, we anticipate AUD to commerce in a variety, seemingly between 0.6490 and 0.6535.”
1-3 WEEKS VIEW: “We now have anticipated a optimistic bias in AUD since early final week. In our newest narrative from final Friday (06 Jun, spot at 0.6510), we indicated that “the bias stays on the upside, nevertheless it stays to be seen if AUD can break clearly above 0.6555.” Yesterday, AUD rose briefly to 0.6546. As there was no additional improve in upward momentum, we proceed to carry the identical view. On the draw back, if AUD breaks under 0.6480 (no change in ‘sturdy assist’ degree), it will imply that AUD is more likely to commerce in a variety in the interim.”
