Australian Greenback (AUD) might first check 0.6515 towards the US Greenback (USD) earlier than the danger of a pullback will increase. Within the longer run, value motion suggests AUD might proceed to rise and check the numerous resistance degree at 0.6540, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
AUD can proceed to rise
24-HOUR VIEW: “We anticipated AUD to ‘commerce in a spread between 0.6445 and 0.6490’ yesterday. Nonetheless, after dipping to 0.6452, AUD rose, reaching a excessive of 0.6504. Though there was no marked improve in upward momentum, AUD might first check 0.6515 earlier than the danger of a pullback will increase. The foremost resistance at 0.6540 might be out of attain. Assist is at 0.6475; a breach of 0.6460 would point out the present upward stress has eased.”
1-3 WEEKS VIEW: “On Tuesday (03 Jun, spot at 0.6490), we highlighted that the ‘value motion suggests AUD might proceed to rise and check the numerous resistance degree at 0.6540.’ Since then, AUD has not been in a position to make a lot headway on the upside. That mentioned, we are going to keep our view offered that the ‘robust help’ at 0.6430 (no change in degree) isn’t breached.”
