AUD/USD is facing mild upward pressure – UOB Group
|Australian Dollar (AUD) is facing mild upward pressure vs US Dollar (USD); it is likely to edge higher but is unlikely to threaten the major resistance at 0.6355. In the longer run, slightly firm underlying tone suggests AUD is likely to trade in a higher range of 0.6245/0.6385, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD is likely to trade in a higher range of 0.6245/0.6385
24-HOUR VIEW: "We expected AUD to 'trade in a 0.6255/0.6320 range' yesterday. AUD then traded between 0.6277 and 0.6330. The price movements have resulted in a slight increase in momentum. Today, we expect AUD to edge higher, but as momentum is not strong, any advance is unlikely to threaten the major resistance at 0.6355. Support is at 0.6305; a breach of 0.6285 would indicate the current mild upward pressure has faded."
1-3 WEEKS VIEW: "Our latest narrative was from Tuesday (11 Mar, spot at 0.6280), wherein 'The current price movements are likely part of a range trading phase between 0.6215 and 0.6355.' Although the price action over the past couple of days has resulted in a slight increase in upward momentum, it is not enough to indicate a sustained advance. We continue to expect AUD to trade in a range, but the slightly firm underlying tone suggests a higher range of 0.6245/0.6385."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.