Australian Greenback (AUD) is prone to consolidate in a variety of 0.6555/0.6595 in opposition to US Greenback (USD). Within the longer run, short-term momentum has eased barely; AUD should still transfer to 0.6645, however the odds usually are not excessive, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Quick-term momentum has eased barely
24-HOUR VIEW: “We famous final Friday that ‘the present worth actions are doubtless a part of a consolidation section between 0.6570/0.6615.’ The next worth actions didn’t prove as anticipated. AUD dropped to a low of 0.6552 and closed at 0.6565 (-0.39%). The worth actions nonetheless seem like a part of a consolidation section, most likely in a variety of 0.6555/0.6595.”
1-3 WEEKS VIEW: “We adopted a constructive AUD stance in the course of final week. After AUD reached our prior technical goal at 0.6625 and pulled again, we identified Friday (25 Jul, spot at 0.6590) that ‘whereas short-term momentum has eased barely, AUD should still transfer to 0.6645, however the odds usually are not excessive.’ We added, ‘a break of 0.6545 (‘robust assist’ stage) would imply that 0.6645 is out of attain.’ We proceed to carry the identical view.”
