In the opinion of FX Strategists at UOB Group Quek Ser Leang and Peter Chia, bets for further upside in AUD/USD seems to be dwindling.
24-hour view: “We highlighted last Friday that ‘further AUD strength appears likely even though a sustained rise above 0.7300 is unlikely’. AUD subsequently rose to 0.7283 staging a surprising sharp pullback to a low of 0.7202 during NY session. Upward momentum has dissipated and the current movement is likely part of a consolidation. For today, AUD is likely to trade within a range of 0.7190/0.7260.”
Next 1-3 weeks: “We highlighted last Friday that AUD could strengthen further and we indicated that the next resistance is at 0.7340. AUD subsequently eked out a fresh high of 0.7283 before falling sharply to 0.7202. Upward momentum has been dented and the prospect for further AUD strength has diminished. However, only a breach of 0.7160 (we are lowering the ‘strong support’ level from 0.7190) would indicate that the AUD strength that started two weeks ago 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.