Strong momentum is likely to lead to further Australian Dollar (AUD) strength; it remains to be seen if it can break above 0.6660, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Strong momentum is likely to lead to further Australian Dollar strength; it remains to be seen if it can break above 0.6660, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Closest resistance is at 0.6660 24-HOUR VIEW: “Yesterday, we expected AUD to trade in a sideways range of 0.6560/0.6600. Our expectation was incorrect. Instead of trading sideways, AUD soared, closing sharply higher by 0.74% .
” 1-3 WEEKS VIEW: “Two days ago , we indicated that ‘there has been a slight increase in momentum, but not sufficiently enough to suggest the start of a sustained advance.’ We were of the view that that AUD ‘must break and remain above 0.6600 before further advance can be expected.’ We were also of the view that ‘the chance of AUD breaking clearly above 0.6600 will increase in the next few days provided that 0.6520 is not breached’ and that ‘if AUD breaks clearly above 0.
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