A transfer to 0.6355 within the AUD/USD pair will be anticipated, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Danger appears to be on the draw back
24-HOUR VIEW: “AUD dropped to 0.6446 final Thursday after which rebounded. Final Friday, when AUD was at 0.6485, we indicated that ‘as an alternative of constant to say no, AUD is extra more likely to commerce sideways in the present day, in all probability in a spread of 0.6460/0.6510.’ Nonetheless, AUD dipped to a low of 0.6449 and closed at 0.6452. In the present day, AUD opened with a spot decrease earlier than recovering. There was a rise in downward momentum, however whereas the chance is on the draw back, AUD might not have enough momentum to interrupt beneath 0.6400. On the upside, resistance is at 0.6465, and if AUD breaks above 0.6480, it could point out that the downward stress has eased.”
1-3 WEEKS VIEW: “We’ve got anticipated AUD to commerce in a spread because the center of the month. Monitoring the following worth actions, we highlighted final Friday (20 Jun, spot at 0.6485) that ‘whereas additional vary buying and selling nonetheless appears possible, a tighter 0.6430/0.6550 vary needs to be enough to include worth actions for now.’ Though AUD broke beneath 0.6430 on the opening in the present day, it should shut beneath this degree earlier than a transfer to 0.6355 will be anticipated. The chance of AUD closing beneath 0.6430 will stay in place, so long as the ‘sturdy resistance’ degree, at the moment at 0.6505, shouldn’t be breached.”
