Australian Dollar (AUD) is expected to trade in a range between 0.6300 and 0.6350 vs US Dollar (USD). In the longer run, rapid increase in momentum suggests AUD could recover, potentially reaching 0.6410, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Rapid increase in momentum suggests AUD can recover
24-HOUR VIEW: “Yesterday, we expected AUD to ‘continue to strengthen.’ However, we held the view that it ‘it does not seem to have enough momentum to reach 0.6410’. We pointed out, ‘there is another resistance at 0.6370.’ During the NY session, AUD rose briefly to 0.6364 before easing to close largely flat at 0.6332 (-0.05%). The brief advance did not result in any increase in momentum, and we expect range trading today, likely between 0.6300 and 0.6350.”
1-3 WEEKS VIEW: “We revised our view from negative to positive yesterday (06 Mar, spot at 0.6330). We highlighted that the strong advance from two days ago ‘has resulted in a rapid increase in momentum,’ and AUD ‘could recover, potentially reaching 0.6410.’ Our view remains unchanged. To sustain the momentum, AUD must hold above 0.6265 (‘strong support’ level was at 0.6235 yesterday).”
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.