AUD/USD shifts the focus to 0.7455 – UOB

Pablo Piovano FXStreet

There is scope for AUD/USD to advance beyond 0.7450 in the next weeks, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD traded between 0.7354 and 0.7399 last Friday, higher than our expected range of 0.7335/0.7380. Upward momentum has improved, albeit not by all that much. From here, AUD could edge above the year-to-date high at 0.7413 but the next resistance at 0.7455 is unlikely to come into the picture. Support is at 0.7375 followed by 0.7360.”

Next 1-3 weeks: “The positive phase in AUD that started more than 2 weeks ago is still intact. Our latest narrative was from last Wednesday (25 Nov, spot at 0.7370) wherein AUD ‘is ready to tackle the year-to-date high at 0.7413’ and that ‘a daily closing above this level could lead to further advance towards 0.7455’. Shorter-term momentum has improved and a break of 0.7413 would shift the focus to 0.7455. All in, only a break of 0.7330 (‘strong support’ level previously at 0.7285) would indicate that the positive phase in AUD has run its course.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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