AUD/USD: A break of the major support at 0.6535 is unlikely

The Australian Dollar (AUD) could further but a break of the major support at 0.6535 is unlikely.

The Australia n Dollar could further but a break of the major support at 0.6535 is unlikely. In the longer run, month-long AUD weakness has stabilised; AUD is expected to trade in a 0.6535/0.6655 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes. AUD is expected to trade in a 0.6535/0.6655 range for now 24-HOUR VIEW: “Our view of sideways trading yesterday was incorrect, as AUD rose sharply, reaching a high of 0.6641.

The advance was short-lived, as AUD plummeted from the high. AUD could drop further but a break of the major support at 0.6535 is unlikely . Resistance levels are at 0.6620 and 0.6640.” 1-3 WEEKS VIEW: “Our most recent narrative was from Monday , wherein the recent ‘month-long AUD weakness has stabilised,’ and AUD ‘is expected to ‘trade in a 0.6535/0.6655 range for now.’ Yesterday, AUD rose to a high of 0.6641, and then plummeted today.

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