Australian Greenback (AUD) is prone to commerce in a sideways vary of 0.6430/0.6495. Within the longer run, downward momentum is slowing; a breach of 0.6520 would point out that AUD shouldn’t be breaking under 0.6405.
Downward momentum is slowing
24-HOUR VIEW: “In NY commerce final Friday, AUD soared to 0.6493, pulled again to 0.6438 earlier than closing at 0.6465 (+0.79%). The worth actions didn’t lead to any vital enhance in upward momentum. Somewhat than persevering with to rise, AUD is extra prone to commerce sideways right this moment, most likely between 0.6430 and 0.6495.”
1-3 WEEKS VIEW: “Final Thursday (31 Jul, spot at 0.6445), we indicated that AUD ‘may probably break under 0.6405 and check June’s low, close to 0.6375.’ We additionally indicated that ‘to take care of the momentum buildup, AUD should maintain under 0.6520 (‘robust resistance’ stage).’ After dropping to a low of 0.6419 on Friday, AUD rose sharply, reaching a excessive of 0.6493. Downward momentum is slowing, a breach of 0.6520 would point out AUD shouldn’t be breaking under 0.6405.”
