AUD/USD: May break above 0.6560 in near term – UOB Group
|The Australian Dollar (AUD) could pullback, but any decline is unlikely to threaten 0.6480. Otherwise, AUD is likely to trade in a 0.6400/0.6600 range for the time being, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Resistance level is at 0.6560
24-HOUR VIEW: “Yesterday, when AUD was trading at 0.6520, we indicated that ‘the underlying tone still seems firm, and we continue to expect AUD to rebound.’ However, we pointed out that ‘any advance is unlikely to reach the major resistance at 0.6600.’ Our view was not wrong, as AUD rose to 0.6575 then pulled back, closing unchanged at 0.6519. The pullback has gathered some momentum. Today AUD could continue to pullback, but any decline is unlikely to threaten 0.6480 (minor support is at 0.6500). Resistance level is at 0.6560.”
1-3 WEEKS VIEW: “After holding a negative AUD view since late last month, we indicated two days ago (06 Aug, spot at 0.6510) that the weakness has stabilised. We expected AUD to trade in neutral range of 0.6400/0.6600 for the time being. There is no change in our view.”
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.