AUD/USD might rise further to 0.6555 – UOB Group

FXStreet Insights Team FXStreet

Australian Dollar (AUD) is likely to edge higher; any advance is likely part of a 0.6520/0.6555 range. In the longer run, rapid increase in upward momentum suggests AUD could rise further to 0.6555, potentially reaching 0.6580, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Any advance is likely part of a 0.6520/0.6555 range

24-HOUR VIEW: "Yesterday, we held the view that AUD 'could test 0.6555'. Our expectation did not materialise as AUD traded in a quiet manner between 0.6518 and 0.6540. The underlying tone remains firm. Today, AUD could edge higher, but any advance is likely part of a 0.6520/0.6555 range. AUD is unlikely to break clearly above 0.6555."

1-3 WEEKS VIEW: "We turned positive on AUD yesterday (27 Nov, spot at 0.6520), indicating that 'the rapid increase in momentum suggests AUD could rise further to 0.6555, potentially reaching 0.6580'. We also indicated that 'to sustain the increasing momentum, AUD must not break below 0.6465 (‘strong support’ level)'. There is no change in our view, but we are revising the ‘strong support’ level from 0.6465 to 0.6485."

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