The Australian dollar (AUD) could still try 0.6595 against the US dollar (USD), but a sustained increase above this level is unlikely. In the long term, if the Aud breaks clearly above 0.6595, it could trigger an additional increase towards 0.6620, the FX analysts of UOB Group point out, to be Leang and Peter Chia.
A sustained increase above this level is unlikely
24 -hour vision: “After the strong increase of the AUD that reached a maximum of 0.6583 on Monday, we indicated yesterday (Tuesday) that ‘the rapid increase seems to be excessive, but there is a possibility that the audience can try 0.6595 before stabilizing.’ We add, ‘We do not expect 0.6620 to be reached today.’ Our expectations did not materialize, since after falling to a minimum of 0.6554, the audience rose to 0.6590 before going back and largely closed without changes in 0.6582 (-0.01%) In 0.6620 it is also unlikely to be reached.
Vision 1-3 weeks: “We continue to maintain the same opinion as yesterday (July 1, quote in 0.6575). As stood out, ‘if the AUD clearly breaks above 0.6595, could trigger an additional increase towards 0.6620.’ On the contrary, a rupture below 0.6530 (level of ‘strong support’ previously at 0.6520) would mean that the progress since the end of last week has come to an end. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
