AUD/USD: May still test 0.6595 – UOB Group
|Australian Dollar (AUD) may still test 0.6595 against US Dollar (USD), but a sustained rise above this level is unlikely. In the longer run, should AUD break clearly above 0.6595, it could trigger a further rise toward 0.6620, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Sustained rise above this level is unlikely
24-HOUR VIEW: "Following the sharp rise in AUD that reached a high of 0.6583 on Monday, we indicated yesterday (Tuesday) that 'the rapid rise appears to be excessive, but there is a chance that AUD could test 0.6595 before leveling off.' We added, 'We do not expect 0.6620 to come into view today.' Our expectations did not materialise, as after dipping to a low of 0.6554, AUD rose to 0.6590 before easing off to close largely unchanged at 0.6582 (-0.01%). Although upward momentum is slowing, AUD may still test 0.6595 today. Given the slowing momentum, a sustained rise above this level is unlikely. The next resistance at 0.6620 is also unlikely to come into view. Today’s support levels are at 0.6575 and 0.6560."
1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (01 Jul, spot at 0.6575). As highlighted, 'should AUD break clearly above 0.6595, it could trigger a further rise toward 0.6620.' Conversely, a break below 0.6530 (‘strong support’ level previously at 0.6520) would mean that the advance from late last week has come to an end."
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.