Continuation of the bullish momentum in AUD/USD appears likely in the coming weeks, according to Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist.
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24-hour outlook: Although we expected AUD/USD to decline last Friday, we noted that “any decline is unlikely to break clearly below 0.6440.” AUD/USD fell short of threatening 0.6440 as it rebounded from a low of 0.6453. The bounce lacks momentum, but AUD/USD could test 0.6540 before stabilizing. The main resistance at 0.6585 is unlikely to be threatened. The current slight bullish pressure is intact as long as AUD/USD remains above 0.6460 (minor support is at 0.6480).
Next 1-3 weeks: We continue to maintain the same opinion as last Thursday (November 16, AUD/USD at 0.6510). As highlighted, although AUD/USD is likely to continue advancing, the bullish momentum is not that strong for now, and the main resistance at 0.6585 may not appear anytime soon. The bullish bias is intact as long as AUD/USD remains above 0.6420 (“strong support” level previously at 0.6400).
Source: Fx Street
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