Downward strain seems to have eased; Australian Greenback (AUD) is more likely to commerce sideways between 0.6460 and 0.6520. Within the longer run, AUD seems to have moved right into a range-trading section between 0.6430 and 0.6550, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
AUD seems to have moved right into a range-trading section
24-HOUR VIEW: “After AUD fell sharply within the early Asian session final Friday, we indicated that ‘the decline has scope to increase to 0.6460.’ Nonetheless, we identified that ‘the main assist at 0.6430 is unlikely to come back underneath risk.’ Whereas our assessments weren’t flawed, as AUD dropped to a low of 0.6457, it rebounded rapidly from the low. Downward strain seems to have eased with the rebound, and right now, AUD is more likely to commerce in a variety, most likely between 0.6460 and 0.6520.”
1-3 WEEKS VIEW: “Our replace from final Friday (13 Jun, spot at 0.6495) remains to be legitimate. As highlighted, ‘the present value actions are seemingly the early phases of a range-trading section, and we count on AUD to commerce between 0.6430 and 0.6550 in the meanwhile.’
