The Australian Dollar (AUD) is expected to trade in a sideways range of 0.6885/0.6935. In the long term, the AUD is likely to rise; It remains to be seen if there is enough momentum for it to reach 0.6980, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Could have enough momentum for AUD to hit 0.6980
24 HOUR VIEW: “Two days ago, AUD rose to 0.6937 and then retreated slightly. Yesterday, we highlighted that ‘although bullish momentum has not increased much, there is room for AUD to test 0.6940 before another pullback is likely.’ ‘ The AUD subsequently rose to 0.6944, retreating to close at 0.6913 (+0.13%). There has been no further increase in momentum, and instead of continuing to rise today, the AUD is expected to trade in a sideways range of 0.6885/0.6935.”
1-3 WEEK VIEW: “We continue to maintain the same view as yesterday (September 30, spot at 0.6910). As noted, while recent price action suggests the AUD is likely to rise, it remains to be seen if there is enough momentum for AUD to reach 0.6980. On the downside, a break of 0.6860 (‘strong support’ was at 0.6845 yesterday) would mean AUD is not advancing further.”
Source: Fx Street
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