Scope for the Australian Dollar (AUD) to dip to 0.6650 before a rebound is likely, and below that, AUD is likely to edge lower to 0.6620, UOB Group FX strategists Quek Ser Leang and Alvin Liew note.

AUD is likely to edge lower to 0.6620

24-HOUR VIEW: “After rising briefly to 0.6768 last Friday, AUD plummeted and closed lower by 1.05% (0.6670). While the sharp drop appears to be overdone, there is scope for AUD to dip to 0.6650 before a rebound is likely. The next support at 0.6620 is unlikely to come under threat. Resistance is at 0.6690, followed by 0.6715.”

1-3 WEEKS VIEW: “Last Friday, AUD fell sharply, closing at 0.6671 (-1.05%). Downward momentum has increased, albeit not much. From here, AUD is likely to edge lower to 0.6620. To keep the momentum going, AUD must remain below the ‘strong resistance’ level, currently at 0.6770.”