According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the Australian Dollar (AUD) is unlikely to weaken much further and is expected to trade in a range of 0.6580 to 0.6625. A breakthrough below 0.6580 could indicate a stall in its upward momentum towards 0.6660.
A Test of 0.6625 is Imminent
24-HOUR VIEW: Despite a slight setback yesterday, AUD is expected to remain resilient and trade within a range of 0.6580 to 0.6625. A breach of 0.6600 would signal a lack of strength in AUD’s upward movement.
1-3 WEEKS VIEW: Following a recent rise, AUD has shown signs of increased momentum towards 0.6660. However, a sharp pullback to 0.6595 suggests a temporary slowdown in momentum. If AUD fails to break below 0.6580, it may struggle to reach its target of 0.6660.
Analysis:
The forecast for the Australian Dollar (AUD) suggests a potential range-bound trading pattern in the near future. Traders should monitor key support levels at 0.6580 and resistance at 0.6625 to gauge the currency’s strength. A breakout above 0.6625 could signal a bullish trend, while a drop below 0.6580 may indicate a reversal in momentum. Stay informed and make informed decisions based on these key levels to maximize your trading opportunities.