According to Quek Ser Leang of United Overseas Bank (UOB), AUD/USD is limited to an intraday range of 0.6915–0.6950 due to the lackluster momentum. Upward momentum has been gradually growing for one to three weeks, with a firm support level of 0.6900 and an increasing risk of a break over 0.6980. But over a period of one to three months, the overall trend is still negative, with an emphasis on 0.6707 below 0.6835.
Australian Dollar holds in tight band
"24-HOUR VIEW: AUD dropped to a low of 0.6921 two days ago. Yesterday, when it was at 0.6925, we said that "while AUD could retreat further, given the lacklustre downward momentum, any decline is likely to be contained within a 0.6900/0.6950 range." AUD then rose to 0.6946, dipped to 0.6907 before recovering to close marginally higher by 0.6929. There has not been any discernible movement, and AUD is likely to range-trade today, most likely between 0.6915 and 0.6950."
"1-3 WEEKS VIEW: We stated that AUD "is likely to trade between 0.6870 to 0.6980 for the time being" on Wednesday, July 1, with a spot at 0.6915. We noted on Tuesday, July 7, at 0.6955, that "upward momentum is growing tentatively, and the risk of AUD breaking over 0.6980 is increasing and will continue to increase as long as AUD holds above the 'strong support' level, now around 0.6900," following AUD's increase to 0.6959. We maintain the same opinion for the time being even if AUD has not been able to make any progress on the upside."
Australian Dollar holds in tight band
"24-HOUR VIEW: AUD dropped to a low of 0.6921 two days ago. Yesterday, when it was at 0.6925, we said that "while AUD could retreat further, given the lacklustre downward momentum, any decline is likely to be contained within a 0.6900/0.6950 range." AUD then rose to 0.6946, dipped to 0.6907 before recovering to close marginally higher by 0.6929. There has not been any discernible movement, and AUD is likely to range-trade today, most likely between 0.6915 and 0.6950."
"1-3 WEEKS VIEW: We stated that AUD "is likely to trade between 0.6870 to 0.6980 for the time being" on Wednesday, July 1, with a spot at 0.6915. We noted on Tuesday, July 7, at 0.6955, that "upward momentum is growing tentatively, and the risk of AUD breaking over 0.6980 is increasing and will continue to increase as long as AUD holds above the 'strong support' level, now around 0.6900," following AUD's increase to 0.6959. We maintain the same opinion for the time being even if AUD has not been able to make any progress on the upside."
