Australian Dollar (AUD) is likely to strengthen further, but the major resistance at 0.6290 still seems to be out of reach. In the longer run, for the time being, AUD is expected to trade in a 0.6000/0.6290 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD is expected to trade in a 0.6000/0.6290 range
24-HOUR VIEW: "After AUD surged two days ago, we indicated yesterday that 'while the outsized rally appears overdone, AUD seems to have enough momentum to test 0.6195 before leveling off.' We added, 'the major resistance at 0.6290 is not expected to come into view.' AUD rose more than expected, reaching a high of 0.6250. Strong momentum suggests that instead of leveling off, AUD is likely to strengthen further. That said, the major resistance at 0.6290 still seems to be out of reach. Support levels are at 0.6175 and 0.6150."
1-3 WEEKS VIEW: "Our update from yesterday (10 Apr, spot at 0.6145) remains valid. As highlighted, for the time being, we expect AUD to trade in a 0.6000/0.6290 range. Looking ahead, AUD must break and hold above 0.6290 before a sustained rise can be expected."
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