AUD/USD: Major resistance at 0.6355 is unlikely to come into view – UOB Group

FXStreet Insights Team FXStreet

Australian Dollar (AUD) could retest the 0.6325 level; the major resistance at 0.6355 is unlikely to come into view. In the longer run, AUD appears range-bound for now, likely between 0.6240 and 0.6355, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

AUD appears range-bound for now

24-HOUR VIEW: "Yesterday, AUD rose to 0.6325 before pulling back quickly to close at 0.6304 (+0.28%). The advance has resulted in a slight increase in upward momentum, but not enough to indicate a sustained rise. However, provided that AUD hold above 0.6270 (minor support at 0.6285), it could retest the 0.6325 level. The major resistance at 0.6355 Is unlikely to come into view.

1-3 WEEKS VIEW: "While the decline in AUD last week was relatively pronounced, there has been no significant increase in downward momentum. AUD appears range-bound for now, likely between 0.6240 and 0.6355. Looking ahead, even if AUD breaks out of this range, further movement is likely to face significant support at 0.6190 or resistance at 0.6390."

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