Australian Greenback (AUD) is more than likely to commerce in a variety between 0.6535 and 0.6595. Within the longer run, present value actions are seemingly a part of a variety buying and selling part; agency underlying tone suggests AUD may commerce in a better vary of 0.6515/0.6415, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Present value actions are seemingly a part of a variety buying and selling part
24-HOUR VIEW: “We didn’t anticipate AUD to rise sharply to 0.6591 (we had been anticipating consolidation). Though AUD closed at 0.6589, it fell sharply after the shut. The buildup in momentum has light. As we speak, we anticipate AUD to commerce in a variety, more than likely between 0.6535 and 0.6595.”
1-3 WEEKS VIEW: “On Tuesday (08 Jul, spot at 0.6515), we famous that ‘downward momentum is beginning to construct.’ We anticipated AUD ‘to edge decrease towards 0.6460.’ AUD then traded in a quiet method for a few days. Yesterday, 11 Jul, when AUD was at 0.6535, we said that ‘though the momentum buildup seems to be fading, solely a breach of 0.6585 (‘robust resistance’ stage) would imply AUD is more likely to vary commerce as an alternative of edging decrease.’ AUD then rose above 0.6585 and reached a excessive of 0.6591. Whereas the present value actions are seemingly a part of a variety buying and selling part, the agency underlying tone suggests AUD may commerce in a better vary of 0.6515/0.6415 from right here.”
