AUD/USD: Bulls are set to test 0.6700 before a pause is likely

Sharp bounce appears to be overdone, but there is a chance for the Australian Dollar (AUD) to test 0.6700 before a pause is likely.

Sharp bounce appears to be overdone, but there is a chance for the Australian Dollar to test 0.6700 before a pause is likely. In the longer run, there has been a slight increase in upward momentum; AUD could rise gradually and test 0.6720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. AUD can rise gradually and test 0.6720 24-HOUR VIEW: “AUD dropped sharply to 0.6513 two days ago, and then rebounded. Yesterday, when AUD was at 0.

6700 before a pause is likely. A sustained rise above 0.6700 is unlikely. On the downside, a breach of 0.6620 would mean that the current upward pressure has faded.” 1-3 WEEKS VIEW: “We pointed out yesterday , that despite AUD dropping to a low of 0.6513 two days ago, ‘there has been no significant increase in momentum.’ While we held the view that ‘there is potential for AUD to decline to 0.6500,’ we indicated that ‘the likelihood of a sustained break below this level is not high.

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