Australian Greenback (AUD) is prone to commerce in a spread between 0.6500 and 0.6540 towards US Greenback (USD). Within the longer run, upward momentum has dissipated, indicators of constructing downward momentum; AUD is prone to edge decrease, probably reaching 0.6480, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
AUD is prone to edge decrease in the direction of 0.6480
24-HOUR VIEW: “Whereas we indicated yesterday that ‘there may be room for AUD to check 0.6500,’ we have been of the view that ‘a sustained decline beneath this stage is unlikely.’ We weren’t fallacious, as AUD dipped to a low of 0.6496 after which closed at 0.6511 (-0.15%). There was no enhance in downward momentum and at present, AUD is prone to commerce in a spread, in all probability between 0.6500 and 0.6540.”
1-3 WEEKS VIEW: “We proceed to carry the identical view as yesterday (29 Jul, spot at 0.6525). As highlighted, the current buildup in upward momentum had dissipated, and ‘there are early indicators of constructing downward momentum.’ AUD ‘is prone to edge decrease, probably reaching 0.6480.’ To take care of the build-up in momentum, AUD should maintain beneath 0.6570 (‘robust resistance’ stage was at 0.6585 yesterday).”
