There has been a slight increase in momentum; the Australian Dollar (AUD) must break clearly above 0.6600 before further advance can be expected, UOB Group FX analysts Quek Ser Leang and Peter Chia note.

AUD may use 0.6600 as a support

24-HOUR VIEW: “Last Friday, AUD rose to 0.6605 and then pulled back to close at 0.6571 (-0.32%). The pullback in overbought conditions and slowing momentum suggests the current price action is likely part of a consolidation phase, probably between 0.6545 and 0.6595.”