AUD/USD: Likely to trade in a sideways range of 0.6430/0.6495 – UOB Group
|Australian Dollar (AUD) is likely to trade in a sideways range of 0.6430/0.6495. In the longer run, downward momentum is slowing; a breach of 0.6520 would indicate that AUD is not breaking below 0.6405.
Downward momentum is slowing
24-HOUR VIEW: "In NY trade last Friday, AUD soared to 0.6493, pulled back to 0.6438 before closing at 0.6465 (+0.79%). The price movements did not result in any significant increase in upward momentum. Rather than continuing to rise, AUD is more likely to trade sideways today, probably between 0.6430 and 0.6495."
1-3 WEEKS VIEW: "Last Thursday (31 Jul, spot at 0.6445), we indicated that AUD 'could potentially break below 0.6405 and test June’s low, near 0.6375.' We also indicated that 'to maintain the momentum buildup, AUD must hold below 0.6520 (‘strong resistance’ level).' After dropping to a low of 0.6419 on Friday, AUD rose sharply, reaching a high of 0.6493. Downward momentum is slowing, a breach of 0.6520 would indicate AUD is not breaking below 0.6405."
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.