In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, AUD/USD’s upside momentum appears to have run out of steam.
Key Quotes
24-hour view: We expected AUD to edge higher yesterday. However, AUD dipped to a low of 0.6745 before ending the day on a soft note at 0.6757 (0.59%). Downward momentum has increased a tad, and AUD is likely to trade with a downward bias today, In view of the mild downward pressure, the major support at 0.6700 is not expected to come under threat (there is another support at 0.6730). On the upside, a break of 0.6800 would indicate that the current mild downward pressure has eased (minor resistance is at 0.6780).
Next 1-3 weeks: Our update from two days ago (21 Jun, spot at 0.6790) still stands. As highlighted, the recent AUD strength has ended and AUD is likely to trade in a range between 0.6700 and 0.6880 for now.
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