AUD/USD: Above 0.6520, AUD may turn away from 0.6405 – UOB Group

Downward momentum is slowing; a breach of 0.6520 would indicate that Australian Dollar (AUD) is not breaking below 0.6405, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Downward momentum is slowing

24-HOUR VIEW: "The following are excerpts from our update yesterday: 'The price action still appears to be part of a sideways trading phase. Today, we expect AUD to trade between 0.6455 and 0.6495.' AUD subsequently traded in a quiet manner between 0.6450 and 0.6479, before closing largely unchanged at 0.6469 (+0.03%). The price action provides no fresh clues, and we continue to expect sideways trading today, most likely in a range of 0.6455/0.6490."

1-3 WEEKS VIEW: "We highlighted on Monday (04 Aug, spot at 0.6465) that 'downward momentum is slowing, a breach of 0.6520 would indicate AUD is not breaking below 0.6405.' While AUD has not been able to make any headway on the downside over the past couple of days, there is still a slim chance for AUD to move toward 0.6405."