Australian Greenback (AUD) might rise additional in opposition to US Greenback (USD); any advance is unlikely to succeed in the main resistance at 0.6555. Within the longer run, a narrower vary of 0.6470/0.6555 is probably going sufficient to comprise the value actions for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
AUD/USD is more likely to rise additional
24-HOUR VIEW: “Yesterday, we anticipated AUD to ‘commerce between 0.6500 and 0.6530.’ We underestimated the volatility as AUD dropped to 0.6483 after which rose quickly to a excessive of 0.6541 within the NY session. Whereas there was no vital improve in upward momentum, AUD might rise additional. Nonetheless, any advance is unlikely to succeed in the main resistance at 0.6555. Help is at 0.6510, adopted by 0.6495.”
1-3 WEEKS VIEW: “We’ve got anticipated range-trading since final week (see annotations within the chart under). In our newest narrative from Monday (11 Aug, spot at 0.6520), we indicated that ‘whereas we proceed to anticipate vary buying and selling, a narrower vary of 0.6470/0.6555 is probably going sufficient to comprise the value actions for now.’ Yesterday, AUD dipped to 0.6483 earlier than recovering rapidly. The value motion nonetheless seems to be a part of a spread buying and selling part. In different phrases, we proceed to carry the identical view for now.”
