AUD/USD: A test of 0.6800 is likely above 0.6755 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
24-hour view: Last Friday, we expected AUD to rise further. However, we noted that “the chance of it breaking above 0.6755 today is not high”. Our view turned out to be correct as AUD rose to a high of 0.6751. Today, there is a chance for AUD to break 0.6755 but it is highly unlikely to have enough momentum to challenge the next resistance at 0.6800 . Support is at 0.6720, followed by 0.6700.
Next 1-3 weeks: Last Thursday , we highlighted that AUD could rise further but any advance is expected to encounter solid resistance at 0.6755. After AUD rose, we stated last Friday that “the chance of AUD breaking above 0.6755 has increased”. We continue to hold the same view. A break of 0.6755 will shift the focus to 0.6800. On the downside, a breach of 0.6670 would indicate that AUD is not advancing further.
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