Australian Dollar (AUD) is expected to trade in a sideways range of 0.6465/0.6515 against US Dollar (USD). In the longer run, current price movements are likely part of a broad range trading phase between 0.6385 and 0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a broad range
24-HOUR VIEW: “When AUD was at 0.6470 yesterday, we indicated that ‘while overbought, the advance in AUD could test 0.6505 before leveling off.’ We added, ‘the major resistance at 0.6555 is not expected to come into view.’ AUD subsequently rose to 0.6519 before closing at 0.6490 (+0.47%). Upward momentum seems to have eased, and today, instead of expecting AUD to trade higher, we expect it to trade in a sideways range of 0.6465/0.6515.”
1-3 WEEKS VIEW: “Not much has changed since our update yesterday (24 Jun, spot at 0.6470). As highlighted, the current price movements are likely part of a broad range trading phase, probably between 0.6385 and 0.6555. Looking ahead, if the recent volatility eases, we would then be able to narrow the expected range.”
