AUD/USD: Expected to trade in a sideways range of 0.6445/0.6555 – UOB Group
|Australian Dollar (AUD) is facing mild upward pressure and may edge higher to 0.6530; it is unlikely to break clearly above this level. In the longer run, for the time being, AUD is expected to trade in a sideways range of 0.6445/0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD/USD may edge higher to 0.6530
24-HOUR VIEW: "AUD dipped to a low of 0.6485 yesterday, and then quickly rose to a high of 0.6521. AUD closed on a firm note at 0.6513 (+0.44%). Given the slight increase in upward momentum, AUD may edge higher toward 0.6530. AUD does not appear to have enough momentum to break clearly above this level. The next resistance at 0.6565 is not expected to come into view. Support is at 0.6500; a breach of 0.6485 would indicate that the current mild upward pressure has faded."
1-3 WEEKS VIEW: "We have held a negative AUD view since the start of the month. In our most recent narrative from last Monday (13 Oct, spot at 0.6500), we indicated that 'further declines in AUD still appear likely, and the next level to watch is 0.6440.' AUD subsequently dipped to a low of 0.6443 but has since traded mostly sideways. Downward momentum has eased, and for the time being, we expect AUD to trade in a sideways range of 0.6445/0.6555."
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