There has been a slight increase in momentum; the Australian Dollar (AUD) is expected to rise further to 0.6560. In the longer run, current price action is part of a rebound that could reach 0.6560, possibly 0.6600, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Current rebound can reach 0.6560

24-HOUR VIEW: “We expected AUD to trade in a range between 0.6470 and 0.6520 yesterday. Our view was incorrect as AUD rose to 0.6534. There has been a slight increase in momentum. Today, AUD is expected to rise further to 0.6560. The major resistance at 0.6600 is unlikely to come into view. To maintain the buildup in momentum, AUD must not break below 0.6500, with minor support at 0.6515.”