There’s a probability for Australian Greenback (AUD) to check 0.6575; the main resistance at 0.6595 is probably going out of attain. Within the longer run, there may be potential for AUD to check 0.6595, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Main resistance at 0.6595 is probably going out of attain
24-HOUR VIEW: “Yesterday, we held the view that ‘there’s a probability for AUD to check 0.6555.’ Nonetheless, we indicated that ‘based mostly on the present momentum, a decisive break above this stage is unlikely.’ Within the late NY session, AUD rose to 0.6564 earlier than pulling again to shut at 0.6547 (+0.51%). Upward momentum has elevated, albeit not a lot. This time round, there’s a probability for AUD to check 0.6575 earlier than one other pullback will be anticipated. The most important resistance at 0.6595 is probably going out of attain. Help is at 0.6535; a breach of 0.6520 would point out that AUD is prone to commerce in a spread as a substitute of testing 0.6575.”
1-3 WEEKS VIEW: “Yesterday (26 Jun, spot at 0.6520), we highlighted that AUD ‘may edge increased and take a look at 0.6555, however for a continued rise, it should first shut above 0.6555.’ We additionally famous that “the chance of AUD closing above 0.6555 is just not excessive, however it’ll enhance within the subsequent few days so long as the ‘sturdy help’ stage at 0.6445 is just not breached.” AUD then rose to 0.6564 and closed at 0.6547. Whereas we would favor a stronger shut, the worth motion suggests there may be potential for AUD to check 0.6595, so long as 0.6495 (‘sturdy help’ stage was at 0.6445) is just not breached.”
