There has been a slight increase in momentum; The Australian Dollar (AUD) must break clearly above 0.6600 before further advance towards 0.6660 can be expected, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
The next level to watch is 0.6660
24-HOUR VIEW: “Yesterday, we expected AUD to consolidate between 0.6545 and 0.6595. However, AUD traded in a higher range of 0.6565/0.6505, closing slightly lower at 0.6586 (-0.10%). The price action did not result in any increase in either downward or upward momentum. Today, we expect AUD to trade sideways, probably in a range of 0.6560/0.6600.”
1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (12 Aug, spot at 0.6570). As highlighted, the recent price action has resulted in a slight increase in momentum, but not sufficiently enough to suggest the start of a sustained advance. Overall, AUD must break and remain above 0.6600 before further advance can be expected. The chance of AUD breaking clearly above 0.6600 will increase in the next few days provided that 0.6520 (‘strong support’ level was at 0.6510 yesterday) is not breached. Looking ahead, if AUD breaks clearly above 0.6600, the next level to watch is 0.6660.”
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