AUD/USD: Expected to trade in a sideways range – UOB Group
|AUD could edge higher to 0.6530; it does not appear to have sufficient momentum to reach 0.6555. 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 might edge higher to 0.6530
24-HOUR VIEW: "AUD traded in a range two days ago. Yesterday, we pointed out that 'the price movements still appear to be part of a range-trading phase, expected to be between 0.6475 and 0.6510.' AUD subsequently dipped to a low of 0.6480, rebounded to 0.6518, and then closed at 0.6513 (+0.37%). There has been a tentative buildup in upward momentum. Today, AUD could edge higher to 0.6530. Currently, it does not appear to have sufficient momentum to reach the major resistance at 0.6555. Support levels are at 0.6500 and 0.6485."
1-3 WEEKS VIEW: "Our most recent narrative was from Tuesday (21 Oct, spot at 0.6515), in which we highlighted that 'for the time being, we expect AUD to trade in a sideways range of 0.6445/0.6555.' Our view remains unchanged."
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