AUD/USD: Rejuvenated momentum suggests AUD weakness – UOB Group

Sharp increase in momentum is likely to lead to further declines in AUD, but 0.6620 is probably out of reach today. In the longer run, rejuvenated momentum suggests AUD weakness remains intact; the level to monitor is 0.6620, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The level to monitor is 0.6620

24-HOUR VIEW: “Our view for AUD to trade in a 0.6685/0.6730 range was incorrect, as it plummeted to a low of 0.6652 in NY trading. The sharp increase in momentum is likely to lead to further declines, even though the major support at 0.6620 is probably out of reach today. To maintain the momentum, AUD must remain below 0.6685 with minor resistance at 0.6670.”