There is room for a strong rally that tests 7.2800 before stabilizing; the next resistance at 7.3000 is unlikely to come into play. Longer term, momentum is growing again; The USD could break above 7.2800, but it is too early to determine if 7.3115 is within reach, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
There is room for a test of 7.2800 before stabilizing
24-HOUR VIEW: “The USD indicated the following yesterday: ‘The outlook is mixed, and today we expect the USD to trade between 7.2300 and 7.2600.’ The USD then traded in a tighter range of 7.2360/7.2577. The USD closed at 7.2466, but jumped shortly after opening in Asian trading today. This, there is room for USD to test the main resistance at 7.2800 before stabilizing the next resistance at 7.3000 is unlikely to come in. game. On the downside, support levels are at 7.2550 and 7.2430.”
1-3 WEEK VIEW: “We have maintained a positive view for over two weeks. In our latest narrative last Monday (Nov 18, spot at 7.2350), we indicated that ‘momentum is starting to slow, and if the USD Breaking below 7.2000 (‘strong support’ level) would mean that the USD is not rising further.’ The USD traded relatively calmly until today, when in a sudden move, momentum is building again, and the USD could break above 7.2800. At this point, it is too early to determine if there is enough momentum. to reach 7.3115 (there is another resistance at 7.3000). Meanwhile, the ‘strong support’ level has risen to 7.2200.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
