AUD/USD: Further upside now targets 0.6780 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
to revisit the 0.6780 zone in the near term, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We expected AUD to trade sideways in a range of 0.6630 and 0.6690 last Friday. However, AUD rose to a high of 0.6725. Upward momentum has improved and AUD is likely to advance further. However, the major resistance at 0.6780 is unlikely to come into view today. On the downside, a breach of 0.6670 would indicate that the current upward pressure has eased.
Next 1-3 weeks: “We have expected AUD to consolidate since early last week. In our update on Friday , we highlighted that “in view of the decreased, we have narrowed the expected consolidation range to 0.6570/0.6735”. AUD subsequently rose to 0.6725 before closing on a firm note at 0.6699 . Upward momentum has improved and this will likely lead to AUD trading with an upward bias towards 0.6780. Overall, only a breach of 0.6640 would indicate that the build-up in momentum has faded.
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