AUD/USD: Breakout Above 0.6665 Could Lead To 0.6680

Economists at UOB Bank released a report saying that the sharp decline in AUD/USD has room to expand, but it is unlikely to reach 0.6600. At present, the exchange rate may trade between 0.6600-0.6685.

AUD has a high chance of breaking above 0.6665

24-hour view: “Yesterday, we expected AUD to trade in a range of 0.6625/0.6665. We did not expect such a sharp move, with AUD surging to 0.6689 before a sharp correction to close essentially flat (0.6648, -0.01%). There is still room for a sharp correction to extend, but any decline is unlikely to reach 0.6600 given the lack of momentum. Another support level is at 0.6625. Resistance is at 0.6665 and then 0.6680.

1-3 week view: “In our latest narrative on Wednesday (June 24, spot price 0.6640), we noted that the current price action could be part of a range trading phase. We expect AUD to trade between 0.6600-0.6685. Yesterday, AUD rose a few pips above 0.6685, reaching as high as 0.6689. However, this rise was short-lived as the AUD corrected back to close the day essentially flat (0.6648, -0.01%). Price action still appears to be in a range-bound trading phase and we continue to expect the AUD to trade between 0.6600 and 0.6685.

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