Slight increase in upward momentum is likely to lead to a higher trading range of 0.6170/0.6215. Australian Dollar (AUD) is expected to trade in a range, probably between 0.6130 and 0.6240, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Slight increase in upward momentum
24-HOUR VIEW: "Yesterday, we noted that the outlook for AUD 'is mixed.' We were of the view that it 'may trade in a range, probably between 0.6140 and 0.6205.' AUD traded in a narrower range than expected (0.6167/0.6207), closing higher by 0.31% at 0.6195. There has been a slight increase in upward momentum. However, this will likely lead to a higher trading range of 0.6170/0.6215 instead of a sustained advance."
1-3 WEEKS VIEW: "We highlighted yesterday (14 Jan, spot at 0.6180) that 'the buildup in downward momentum is fading quickly, and if AUD were to break above 0.6205 (‘strong resistance’ level), it would mean it is likely to trade in a range instead of declining to 0.6100.' Our ‘strong resistance’ level was slightly breached as AUD rose to a high of 0.6207. From here, we expect AUD to trade in a range, probably between 0.6140 and 0.6240."
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