HomeForex TradingAdditional upside on the desk above 0.6385 – UOB

Additional upside on the desk above 0.6385 – UOB


One other take a look at of 0.6485 in AUD/USD appears possible whereas above 0.6385, remark Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: Final Friday, we anticipated AUD to commerce in a spread between 0.6415 and 0.6460. Nonetheless, AUD rose to 0.6474, dropped again to 0.6426, after which settled at 0.6431 (-0.16%). There isn’t a clear directional bias for now, and we proceed to count on AUD to commerce in a spread, in all probability between 0.6410 and 0.6455.

Subsequent 1-3 weeks: Our newest narrative was from final Tuesday (12 Sep, spot at 0.6395), whereby AUD “may rebound additional, however any advance is predicted to face strong resistance at 0.6485”. Final Friday, AUD rose to 0.6474 after which pulled again. Regardless of the advance, there isn’t a improve in upward momentum. Nonetheless, so long as 0.6385 (no change in ‘robust help’ degree) is just not breached, there’s a likelihood for AUD to check the resistance at 0.6485. At this stage, the percentages for AUD to interrupt clearly above 0.6485 will not be excessive. 

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