In light of the recent price action, the AUD/USD it is now poised for further rise towards the 0.6800 region, comment economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group.
24hr Opinion: “AUD sharply higher yesterday was a surprise (we expected AUD to be range bound). Overbought rally has room to extend but a clear break of 0.6800 is unlikely today. Note that there is another resistance at 0.6770.To the downside, 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, price at 0.6605), we highlighted that the AUD is under slight downward pressure. However, we noted that it has to break and hold below 0.6570 before A further decline is likely. Yesterday (Nov 23), the AUD broke above our “strong resistance” level of 0.6690 by peaking at 0.6739. This rapid rally has shifted upside risk towards 0.6800. Overall, only a A break of 0.6645 would indicate that the upside risk has faded.”
Source: Fx Street
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