AUD/USD: A break of the major support at 0.6535 is unlikely – UOB Group

The Australian Dollar (AUD) could further but a break of the major support at 0.6535 is unlikely. In the longer run, month-long AUD weakness has stabilised; AUD is expected to trade in a 0.6535/0.6655 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.

AUD is expected to trade in a 0.6535/0.6655 range for now

24-HOUR VIEW: “Our view of sideways trading yesterday was incorrect, as AUD rose sharply, reaching a high of 0.6641. The advance was short-lived, as AUD plummeted from the high. AUD could drop further but a break of the major support at 0.6535 is unlikely (minor support is at 0.6565). Resistance levels are at 0.6620 and 0.6640.”

1-3 WEEKS VIEW: “Our most recent narrative was from Monday (04 Nov, spot at 0.6585), wherein the recent ‘month-long AUD weakness has stabilised,’ and AUD ‘is expected to ‘trade in a 0.6535/0.6655 range for now.’ Yesterday, AUD rose to a high of 0.6641, and then plummeted today. The price movements provides no fresh clues and we continue to expect AUD to trade in a 0.6535/0.6655 range.”