There has been a slight increase in momentum; The Australian Dollar (AUD) must break clearly above 0.6600 before further advance towards 0.6660 can be expected, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
The next level to watch is 0.6660
24-HOUR VIEW: “Yesterday, we expected AUD to consolidate between 0.6545 and 0.6595. However, AUD traded in a higher range of 0.6565/0.6505, closing slightly lower at 0.6586 (-0.10%). The price action did not result in any increase in either downward or upward momentum. Today, we expect AUD to trade sideways, probably in a range of 0.6560/0.6600.”
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