AUD/USD: Still room for further gains near term – UOB – by pabspiovano AUDUSD Currencies Majors Banks
24-hour view: “AUD traded within a range of 0.6931/0.6997 yesterday, slightly narrower than our expected range of 0.6930/0.7000. Upward momentum has improved a tad and while the bias for AUD is to the upside today, a sustained advance above 0.7025 is unlikely. Support is at 0.6965, a breach of 0.6940 would indicate the current mild upward pressure has faded.”
Next 1-3 weeks: “There is not much to add to our update from yesterday . As highlighted, while the bias for AUD is still on the upside but without improvement in momentum, we continue to think that 0.7070 is unlikely to come into view so soon. On the downside, a break of 0.6915 would indicate that the AUD strength from more than a week ago has ended.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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