AUD/USD: Extra gains likely above 0.6850 – UOB
|In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, AUD/USD could advance to 0.6915 once 0.6850 is cleared.
Key Quotes
24-hour view: “We expected AUD to ‘continue to advance’ yesterday. We added, ‘overbought conditions suggest 0.6850 could be out of reach today’. Our view turned out to be correct as AUD rose to 0.6847 before easing. Upward pressure has faded and the current price movement is likely part of a consolidation phase. Today, we expect AUD to trade between 0.6765 and 0.6845.”
Next 1-3 weeks: “Yesterday (01 Dec, spot at 0.6800), we indicated that the ‘rapid rise in AUD appears to be running ahead but there is room for AUD to rise further to 0.6850’. AUD subsequently rose to 0.6847 before easing off. Further AUD strength is not ruled out but it has to break clearly above 0.6850 before an advance to 0.6915 is likely. The likelihood of a clear break of 0.6850 would remain intact as long as AUD does not move below 0.6730 (‘strong support’ level was at 0.6715 yesterday).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.