The Australian Greenback (AUD) is anticipated to commerce in a sideways vary of 0.6885/0.6935. Within the longer run, AUD is prone to edge larger; it stays to be seen if there’s sufficient momentum for it to achieve 0.6980, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann observe.
Could have sufficient momentum for AUD to achieve 0.6980
24-HOUR VIEW: “Two days in the past, AUD rose to 0.6937 after which pulled again barely. Yesterday, we highlighted that ‘though upward momentum has not elevated a lot, there’s room for AUD to check 0.6940 earlier than one other pullback is probably going.’ AUD subsequently rose to 0.6944, pulling again to shut at 0.6913 (+0.13%). There was no additional enhance in momentum, and as an alternative of continuous to rise right now, AUD is anticipated to commerce in a sideways vary of 0.6885/0.6935.”
1-3 WEEKS VIEW: “We proceed to carry the identical view as yesterday (30 Sep, spot at 0.6910). As indicated, whereas the latest value motion means that AUD is prone to edge larger, it stays to be seen if there’s sufficient momentum for AUD to achieve 0.6980. On the draw back, a breach of 0.6860 (‘sturdy assist’ stage was at 0.6845 yesterday) would imply that AUD will not be advancing additional.”
