Upward momentum is starting to build, but it is too early to determine if Australian Dollar (AUD) can reach 0.6580. In the longer run, AUD is likely to edge higher within a higher range of 0.6490/0.6580, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum is starting to build

24-HOUR VIEW: "The following are excerpts from our update yesterday: 'The price movements are likely part of a range-trading phase. Today, we expect AUD to trade between 0.6510 and 0.6540'. AUD then dipped to 0.6516, rebounded to 0.6550, and closed at 0.6541 (+0.21%). AUD traded on a firm note in the early Asian session today. Upward momentum is starting to build, but it is too early to determine if AUD can reach 0.6580 today. Note that there is another resistance level at 0.6565. Support levels are at 0.6545 and 0.6530."

1-3 WEEKS VIEW: "Our update from two days ago (11 Nov, spot at 0.6535) still stands. As highlighted, we expect AUD to edge higher, but we view any advance as part of a higher range of 0.6490/0.6580."