A breach of 0.6370 would mean that the current price movements are part of a range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
To continue to rise, AUD must break and hold above 0.6515
24-HOUR VIEW: "When AUD was at 0.6405 last Friday, we expected it to 'trade between 0.6380 and 0.6445.' AUD then traded within a narrower range of 0.6388/0.6436, closing largely unchanged (0.6404, -0.02%). The price action provides no fresh clues. Today, we expect AUD to trade between 0.6390 and 0.6440."
1-3 WEEKS VIEW: "Last Wednesday (14 May, spot at 0.6470), we indicated that 'To continue to rise, AUD must break and hold above 0.6515.' After AUD retreated, we indicated last Friday (16 May, spot at 0.6405) that 'a breach of 0.6370 would mean that the current price movements are likely part of a range trading phase.' While upward momentum is still slowing, we maintain our view for now."
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