AUD/USD: A break above 0.6665 to indicate that the downward pressure has eased – UOB Group

Source Fxstreet
Jun 24, 2024 09:02

The Australian Dollar (AUD) is likely to drift lower. Any decline is unlikely to reach 0.6600. There is another support level at 0.6620.

AUD to trade between 0.6600 and 0.6685

24-HOUR VIEW: “We expected AUD to trade in a 0.6640/0.6675 range last Friday. AUD subsequently rose to 0.6670, dropped to 0.6632 and then closed at 0.6641 (-0.23%). Downward momentum has increased slightly, and AUD is likely to drift lower today. However, any decline is unlikely to reach 0.6600. There is another support level at 0.6620. If AUD breaks above 0.6665 (minor resistance is at 0.6655), it would indicate that the current downward pressure has eased.”

1-3 WEEKS VIEW: “Our most recent narrative was from last Thursday (20 Jun, spot at 0.6670), wherein ‘while AUD could edge higher, the chance of it breaking above the major resistance zone of 0.6705/0.6715 is not high.’ On Friday, AUD fell to a low of 0.6632. While our ‘strong support’ level at 0.6620 has not been breached yet, upward momentum has largely dissipated.’ The current price action is likely part of a range-trading phase. For the time being, AUD is likely to trade between 0.6600 and 0.6685.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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