AUD/USD is facing mild upward pressure – UOB Group

Australian Dollar (AUD) is facing mild upward pressure vs US Dollar (USD); it is likely to edge higher but is unlikely to threaten the major resistance at 0.6355. In the longer run, slightly firm underlying tone suggests AUD is likely to trade in a higher range of 0.6245/0.6385, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

AUD is likely to trade in a higher range of 0.6245/0.6385

24-HOUR VIEW: "We expected AUD to 'trade in a 0.6255/0.6320 range' yesterday. AUD then traded between 0.6277 and 0.6330. The price movements have resulted in a slight increase in momentum. Today, we expect AUD to edge higher, but as momentum is not strong, any advance is unlikely to threaten the major resistance at 0.6355. Support is at 0.6305; a breach of 0.6285 would indicate the current mild upward pressure has faded." 

1-3 WEEKS VIEW: "Our latest narrative was from Tuesday (11 Mar, spot at 0.6280), wherein 'The current price movements are likely part of a range trading phase between 0.6215 and 0.6355.' Although the price action over the past couple of days has resulted in a slight increase in upward momentum, it is not enough to indicate a sustained advance. We continue to expect AUD to trade in a range, but the slightly firm underlying tone suggests a higher range of 0.6245/0.6385."