Australian Dollar (AUD) is expected to trade between 0.6190 and 0.6250 vs US Dollar (USD). In the longer run, AUD must break and remain below 0.6190 before a move to 0.6155 can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Below 0.6190, a move to 0.6155 can be expected
24-HOUR VIEW: "After AUD fell to a low 0.6192 last Friday and then rebounded, we highlighted yesterday (Monday) that 'the rebound in oversold conditions and slowing momentum indicates that AUD is unlikely to weaken further.' We expected AUD to 'trade in a 0.6195/0.6240 range.' AUD subsequently traded in a higher and wider range than expected (0.6204/0.6255), closing at 0.6225 (+0.27%). The price action still appears to be part of a range trading phase. Today, we expect AUD to trade between 0.6190 and 0.6250."
1-3 WEEKS VIEW: "Our update from yesterday (03 Mar, spot at 0.6215) still stands. As highlighted, “While declines still seem likely, AUD must break and remain below 0.6190 before a move to 0.6155 can be expected.” We will continue to hold the same view provided that AUD remains below 0.6285 (no change in ‘strong resistance’ level from yesterday). Note that below 0.6190, there is another major support at 0.6155."
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