AUD/USD might test the support at 0.6570 before recovering – UOB Group
|Australian Dollar (AUD) could test the support at 0.6570 before recovering; the major support at 0.6545 is not expected to come into view. In the longer run, AUD is neutral now, and it is likely to trade between 0.6545 and 0.6655 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD is likely to trade between 0.6545 and 0.6655 for now
24-HOUR VIEW: "The following are excerpts from our update yesterday: 'Further consolidation appears likely, but the softer underlying tone suggests AUD is likely to trade in a lower range of 0.6585/0.6625.” AUD subsequently tested the top of our expected range, reaching a high of 0.6624 before dropping sharply to a low of 0.6577. It then closed at 0.6597 (-0.21%). The underlying tone has softened further, but not enough to indicate a sustained decline. Today, AUD could test the support at 0.6570 before recovering. The major support at 0.6545 is not expected to come into view. Resistance is at 0.6510, followed by 0.6525."
1-3 WEEKS VIEW: "Our update from two days ago (01 Oct, spot at 0.6615) still stands. As indicated, 'we are neutral on AUD and expect it to trade between 0.6545 and 0.6655'."
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