Bias for Australian Greenback (AUD) is on the upside; lackluster momentum signifies that the most important resistance at 0.6555 is probably going out of attain. Within the longer run, the present worth actions are probably a part of a 0.6450/0.6555 vary buying and selling part, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Bias for AUD is on the upside
24-HOUR VIEW: “AUD rose to a excessive of 0.6509 two days in the past. Yesterday, when it was at 0.6500, we indicated that ‘regardless of the advance, upward momentum has not elevated a lot.’ Nevertheless, we have been of the view that ‘there may be scope for AUD to check 0.6520 earlier than a pullback might be anticipated.’ AUD subsequently rose greater than anticipated to 0.6541, then pulled again to 0.6490 earlier than rebounding to shut at 0.6524, up by 0.34%. Though upward momentum seems lackluster, the bias for at this time is on the upside. That stated, the most important resistance at 0.6555 is probably going out of attain. Notice that there’s one other resistance degree at 0.6540. Assist is at 0.6510; a breach of 0.6490 would point out that the upside bias has pale.”
1-3 WEEKS VIEW: “We revised our AUD view to impartial yesterday (07 Aug, spot at 0.6500). We indicated that ‘the present worth actions are probably a part of a spread buying and selling part, most likely between 0.6450 and 0.6555.’ Our view stays unchanged.”
