The Australian Dollar (AUD) is likely to trade with an upward bias; any advance is expected to face strong resistance at 0.6620. In the longer run, month-long AUD weakness has stabilised; AUD is expected to trade in a 0.6535/0.6655 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Month-long AUD weakness seems stabilised

24-HOUR VIEW: “We expected AUD to trade in a range between 0.6550 and 0.6600 last Friday. AUD then traded in a narrower range of 0.6554/0.6591, closing at 0.6560. It gapped higher upon opening today. There has been a slight increase in upward momentum, and AUD is likely to trade with an upward bias. However, any advance is expected to face strong resistance at 0.6620. Support is at 0.6570, followed by 0.6555.”