Home Forex AUD/USD is now shifting focus to 0.6800 – UOB

AUD/USD is now shifting focus to 0.6800 – UOB

by SuperiorInvest

In light of the recent price action, AUD/USD it is now poised for further gains in the 0.6800 region, commented economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.

Key quotes

24 hour view: “Yesterday’s strong rally in AUD was a surprise (we expected AUD to trade in a range). The overbought rally has room to extend, but a clear break of 0.6800 is unlikely today. Another resistance at 0.6770 is worth noting. On the other hand, a break of 0.6680 (minor support is at 0.6715) would indicate that the AUD is not advancing further.”

Next 1-3 weeks: “Two days ago (Nov 22, spot at 0.6605) we highlighted that the AUD is under some downward pressure. However, we noted that it needs to break and stay below 0.6570 before further downside is likely. Yesterday (Nov 23), the AUD took out our “strong resistance” at 0.6690, jumping to a high of 0.6739. The rapid rise pushed risk to the upside to 0.6800. Overall, only a break of 0.6645 would mean that upside risk has passed.

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