Australian Greenback (AUD) might proceed to rise vs US Greenback (USD), however any advance is unlikely to achieve 0.6515; there may be one other resistance stage at 0.6475. Within the longer run, renewed momentum has elevated the percentages of AUD breaking above 0.6515, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
AUD has an opportunity to proceed to rise
24-HOUR VIEW: “Our view for AUD to ‘commerce between 0.6390 and 0.6440’ yesterday was incorrect, because it soared to 0.6465, closing on a powerful notice at 0.6458 (+0.84%). Circumstances are overbought, however sturdy momentum suggests AUD might proceed to rise. Nonetheless, any advance is unlikely to achieve 0.6515. Word that there’s one other resistance stage at 0.6475. Help ranges are 0.6440 and 0.6420.”
1-3 WEEKS VIEW: “Final Wednesday (14 Could), when AUD was at 0.6470, we indicated that ‘To proceed to rise, AUD should break and maintain above 0.6515.’ After AUD retreated, we indicated final Friday (16 Could, spot at 0.6405) that ‘a breach of 0.6370 would imply that the present value actions are probably a part of a variety buying and selling part.’ Yesterday, AUD rose to 0.6465. The renewed upward momentum has elevated the percentages of AUD breaking above 0.6515. On the draw back, the ‘sturdy help’ stage has moved larger to 0.6400 from 0.6370.”
