Australian Greenback (AUD) is beneath delicate downward strain in opposition to US Greenback (USD); it might edge decrease however is unlikely to achieve 0.6515. Within the longer run, AUD is probably going nonetheless buying and selling in a variety of 0.6515/0.6615, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
AUD unlikely can attain 0.6515
24-HOUR VIEW: “Yesterday, we anticipated AUD to ‘commerce between 0.6545 and 0.6595.’ AUD traded in a narrower vary than anticipated (0.6543/0.6588), closing on a delicate be aware at 0.6545 (-0.44%). The slight enhance in momentum signifies AUD might edge decrease at this time, however any decline is unlikely to achieve 0.6515. Resistance is at 0.6560; a breach of 0.6575 would recommend that the present delicate downward strain has pale.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from final Friday (11 Jul, spot at 0.6565), wherein we famous that ‘whereas the present value actions are seemingly a part of a variety buying and selling part, the agency underlying tone suggests AUD might commerce in the next vary of 0.6515/0.6615 from right here.’ Whereas our anticipated vary stays intact, the underlying tone has softened. That mentioned, AUD is probably going nonetheless buying and selling in a 0.6515/0.6615 vary.”
