Australia Dollar (AUD) could trade sideways between 0.6700 and 0.6745. In the longer run, there is a chance for AUD to test the significant resistance at 0.6765, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUD to edge higher over the coming days
24-HOUR VIEW: “AUD soared to a high of 0.6747 in the late Asian session yesterday, and then traded mostly sideways for the rest of the session. The price movements did not lead to any increase in upward momentum, and AUD could continue to trade sideways today, most likely between 0.6700 and 0.6745.”
1-3 WEEKS VIEW: “Yesterday, AUD tested the resistance at 0.6745 (high of 0.6747) before easing. Upward momentum is increasing, but not strong enough to indicate a continued rise just yet. However, as long as the ‘strong support’ at 0.6680 is not breached, there is a chance for AUD to edge higher over the coming days and test the significant resistance level at 0.6765.”