AUD/USD: Expected to trade in 0.6355/0.6400 range – UOB Group
Australian Dollar (AUD) is expected to trade in 0.6355/0.6400 range. In the longer run, AUD could advance further, potentially reaching 0.6455, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUD can advance further, potentially reaching 0.6455
24-HOUR VIEW: "When AUD was at 0.6400 last Friday, we indicated that 'there is room for AUD to advance to 0.6425 before levelling off'. We also indicated that 'the major resistance at 0.6455 is likely out of reach for now.' AUD rose less than expected, pulling back after reaching 0.6409. The pullback appears corrective, and AUD is unlikely to weaken much further. Today, we expect AUD to trade in a 0.6355/0.6400 range."
1-3 WEEKS VIEW: "We have held a positive AUD view since early this month. Tracking the advance, we highlighted last Friday (21 Feb, spot at 0.6400) that AUD 'could advance further, potentially reaching 0.6455.' While upward momentum has eased somewhat with the pullback to 0.6352, only a breach of 0.6345 would suggest that AUD is not ready to advance to 0.6455."
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