The Australian Dollar (AUD) is likely to trade in a 0.6660/0.6720 range.
The Australian Dollar is likely to trade in a 0.6660/0.6720 range. In the longer run, rapid increase in momentum is likely to lead to further AUD weakness; the levels to monitor are 0.6650 and 0.6620, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. AUD is likely to trade in a 0.6660/0.6720 range 24-HOUR VIEW: “After AUD dropped sharply in early Asian trade yesterday, we indicated that ‘downward momentum is increasing rapidly, and AUD could continue to decline to 0.6650.
’ AUD declined less than expected, reaching a low of 0.6859 during NY session. AUD rebounded strongly in early Asian trading today. The rebound in oversold conditions suggest instead of weakening further, AUD is likely to trade in a 0.6660/0.6720 range today.” 1-3 WEEKS VIEW: “Our update from yesterday still stands. As highlighted, ‘the rapid increase in momentum is likely to lead to further AUD weakness.’ We also highlighted that ‘the levels to monitor are 0.6650 and 0.6620.
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