AUD/USD: Chance to potentially test the key resistance at 0.6390 – UOB Group
|Australian Dollar (AUD) is expected to trade in a range vs US Dollar (USD), likely between 0.6270 and 0.6350. In the longer run, AUD is likely to trade with an upward bias, potentially testing the key resistance at 0.6390, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD is likely to trade with an upward bias
24-HOUR VIEW: "While we noted yesterday that 'further AUD is strength is not ruled out', we pointed out that 'any advance is likely part of a higher range of 0.6230/0.6330.' AUD then traded between 0.6276 and 0.6342, closing at 0.6327 (+0.53%). Today, we continue to expect AUD to trade in a range, likely between 0.6270 and 0.6350."
1-3 WEEKS VIEW: "We revised our view to positive yesterday (14 Apr, spot at 0.6290), indicating that AUD 'is likely to trade with an upward bias, potentially testing the key resistance at 0.6390.' We also indicated that 'To sustain the momentum, AUD must remain above the ‘strong support’ level, currently at 0.6140.' There is no change in our view, but the ‘strong support’ level has moved higher to 0.6180 from 0.6140."
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