AUD/USD: Further advance likely beyond 0.6760 – UOB
|Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest AUD/USD needs to break above 0.6760 to allow for the continuation of the uptrend in the short term.
Key Quotes
24-hour view: “Yesterday, AUD rose to 0.6756 before pulling back to close the day the little changed at 0.6684 (-0.01%). The price actions appear to be part of a consolidation phase and today, AUD is likely to trade in a range of 0.6655/0.6720.”
Next 1-3 weeks: “Two days ago (22 Mar, spot at 0.6700), we stated that the rapid loss in momentum has diminished the odds for AUD to strengthen. There is no change in our view. From here, AUD must break and hold above 0.6760, or the chances of it advancing further will rapidly diminish. On the downside, a break of 0.6640 (no change in 'strong support' level) indicates that the AUD is more likely to trade in a broad consolidation range rather than strengthening.”
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.