The bias for Australian Dollar (AUD) is tilted to the downside toward 0.6475; the major support at 0.6455 is unlikely to come into view. In the longer run, AUD is still trading in a range, probably between 0.6455 and 0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Bias for AUD is tilted to the downside toward 0.6475
24-HOUR VIEW: “We expected AUD to trade in a range between 0.6490 and 0.6530 yesterday. AUD subsequently rose to 0.6424 before dropping to a low of 0.6482. The decline has resulted in a slight increase in downward momentum. Today, the bias for AUD is tilted to the downside toward 0.6475. Based on the current momentum, we do not expect the major support at 0.6455 to come into view. On the upside, if AUD breaks above 0.6520 (minor resistance is at 0.6505), it would indicate that the downside bias has eased.”
1-3 WEEKS VIEW: “We continue to hold the same view as last Friday (15 August, spot at 0.6510). As highlighted, AUD is still trading in a range, probably between 0.6455 and 0.6555.”
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