AUD/USD: Expected to trade in a range – UOB Group
|For the time being, Australian Dollar (AUD) is expected to trade in a range of 0.6380/0.6485, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Support levels are at 0.6430 and 0.6415
24-HOUR VIEW: "We expected AUD to 'consolidate in a range of 0.6420/0.6470' last Friday. However, AUD traded in a lower and narrower range between 0.6408 and 0.6451, closing modestly lower by 0.12% at 0.6435. The price action has resulted in a slight increase in upward momentum. Today, AUD could edge higher, but any advance is likely limited to a test 0.6465. The major resistance at 0.6485 is not expected to come under threat. On the downside, support levels are at 0.6430 and 0.6415."
1-3 WEEKS VIEW: "In our most recent narrative from last Thursday (28 May, spot at 0.6420), we highlighted that 'for the time being, AUD is expected to trade in a range of 0.6380/0.6485.' There is no change in our view."
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