To continue to advance to 0.6800 – UOB Group

The Australian Dollar (AUD) is expected to trade in a 0.6720/0.6765 range. AUD could continue to advance, possibly to last month’s high, near 0.6800, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

Set to break above last month’s high near at 0.6800

24-HOUR VIEW: “AUD fluctuated between 0.6732 and 0.6761 yesterday, closing largely unchanged at 0.6744 (-0.04%). The current price movements are likely part of a range trading phase. Today, we expect AUD to trade in a range of 0.6730/0.6765.”

1-3 WEEKS VIEW: “AUD snapped its 4-day winning streak yesterday, closing marginally lower by 0.04% (0.6744). While upward momentum has slowed somewhat, it is too early to call for an end to the advance in AUD. Provided that the ‘strong support’ level at 0.6660 is not taken out, AUD could continue to advance, possibly to last month’s high, near 0.6800.”