Growing momentum suggests additional upside strain; the key resistance at 0.6555 is probably going out of attain. Within the longer run, bias stays on the upside, nevertheless it stays to be seen if AUD can break clearly above 0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Bias stays on the upside
24-HOUR VIEW: “The next are excerpts from our replace yesterday: ‘There was a slight improve in momentum. At this time, there’s potential for AUD to check 0.6535. Given the present delicate momentum, a transparent break above this degree is unlikely. The main resistance at 0.6555 can also be unlikely to come back beneath menace. Help is at 0.6500; a breach of 0.6485 would point out that the present delicate upward strain has eased.’ Our evaluation was not mistaken, as after dipping briefly to 0.6490, AUD rose to 0.6533. Upward momentum has elevated additional, indicating additional upside strain. Nonetheless, the key resistance at 0.6555 is probably going out of attain. There’s one other resistance degree at 0.6540. At this time’s help ranges are at 0.6510 and 0.6490.”
1-3 WEEKS VIEW: “We now have anticipated a constructive bias in AUD since early final week. In our newest narrative from final Friday (06 Jun, spot at 0.6510), we indicated that ‘the bias stays on the upside, nevertheless it stays to be seen if AUD can break clearly above 0.6555.’ Whereas there was a slight improve in short-term upward momentum, at the moment, it’s nonetheless unclear whether or not AUD can break clearly above 0.6555. Total, solely a breach of 0.6480 (‘robust help’ degree beforehand at 0.6470) would point out that the chance of AUD breaking above 0.6555 has light.”
