There is potential for the AU to try 0.6535; A mild impulse suggests that a clear breakdown above this level is unlikely. In the long term, the trend is still upwards, but it remains to be seen if the AU can break clearly above 0.6555, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
A clear rupture above 0.6535 is unlikely
24 -hour vision: “Yesterday we point out that ‘the impulse indicators are mostly stable, and it seems likely that lateral trade will continue today, probably in a range of 0.6480/0.6520.’ However, the Aud reached a maximum of 0.6533 before softening and closing at 0.6518 (+0.35%) Support is at 0.6500;
Vision at 1-3 weeks: “Last Tuesday (June 3, par at 0.6490), we highlight that the recent ‘price action suggests that the AU could continue to rise and test the significant resistance level at 0.6540.’ After the audience rose to 0.6538, we highlighted last Friday (June 6, for 0.6510) that ‘the trend is still upwards, but it remains to be seen if the AU can break clearly above 0.6555.’ Our narratives remain unchanged.
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.
