There is a chance for Australian Dollar (AUD) to test 0.6575; the major resistance at 0.6595 is likely out of reach. In the longer run, there is potential for AUD to test 0.6595, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Major resistance at 0.6595 is likely out of reach
24-HOUR VIEW: “Yesterday, we held the view that ‘there is a chance for AUD to test 0.6555.’ However, we indicated that ‘based on the current momentum, a decisive break above this level is unlikely.’ In the late NY session, AUD rose to 0.6564 before pulling back to close at 0.6547 (+0.51%). Upward momentum has increased, albeit not much. This time around, there is a chance for AUD to test 0.6575 before another pullback can be expected. The major resistance at 0.6595 is likely out of reach. Support is at 0.6535; a breach of 0.6520 would indicate that AUD is likely to trade in a range instead of testing 0.6575.”
1-3 WEEKS VIEW: “Yesterday (26 Jun, spot at 0.6520), we highlighted that AUD ‘could edge higher and test 0.6555, but for a continued rise, it must first close above 0.6555.’ We also noted that “the probability of AUD closing above 0.6555 is not high, but it will increase in the next few days as long as the ‘strong support’ level at 0.6445 is not breached.” AUD then rose to 0.6564 and closed at 0.6547. While we would prefer a stronger close, the price action suggests there is potential for AUD to test 0.6595, as long as 0.6495 (‘strong support’ level was at 0.6445) is not breached.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
