The Australian Dollar (AUD) could advance above 0.6560 but is unlikely to reach the major resistance at 0.6600. In the longer run, if AUD breaks below 0.6470, it would mean it is not rebounding further, UOB Group’s FX analyst Quek Ser Leang and Lee Sue Ann notes.

Below 0.6470, AUD not to rebound further

24-HOUR VIEW: “When AUD was at 0.6510 last Friday, we noted that ‘The price action still appears to be part of a range trading phase.’ We expected AUD to ‘trade in a range of 0.6490/0.6535.’ AUD then traded between 0.6472 and 0.6521, closing at 0.6500. It opened higher in Sydney trade today. Today, AUD could advance above 0.6560 but is unlikely to reach the major resistance at 0.6600. Support levels are at 0.6520 and 0.6500.”