AUD/USD: The next level to watch is 0.6700 – UOB Group
|Australian Dollar (AUD) is expected to consolidate in a range between 0.6625 and 0.6665. In the longer run, the price action continues to suggest a higher AUD; the next level to watch is 0.6700, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Price action continues to suggest a higher AUD
24-HOUR VIEW: "AUD staged a sharp rise that reached a high of 0.6665 last Thursday. On Friday, we noted that 'strong momentum indicates likely further strengthening of AUD, but overbought conditions suggest that 0.6700 is likely out of reach for now.' However, instead of strengthening further, AUD traded in a range of 0.6631/0.6668 before settling at 0.6648 (-0.20%). AUD appears to have entered a consolidation phase. Today, we expect AUD to trade in a range between 0.6625 and 0.6665."
1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (12 Sep, spot at 0.6665). As highlighted, the recent 'price action continues to suggest a higher AUD, and the next level to watch above 0.6670 is 0.6700.' Overall, only a breach of 0.6590 (no change in ‘strong support’ level) would indicate that the AUD strength from early last week (see annotations in chart below) has run its course."
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.