AUD/USD faces upside risks in the near term – UOB – by pabspiovano AUDUSD Currencies Majors Banks
In the opinion of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group,24-hour view: “While we expected AUD to rise yesterday, we underestimated the pace of advance as it surged to a high of 0.6797 . Not surprisingly, upward momentum is strong and AUD could continue to advance. However, severely overbought conditions suggest that AUD might not be able to break clearly above 0.6820 today. Overall, only a breach of 0.
Next 1-3 weeks: “Our most recent narrative was from Monday wherein we held the view that AUD ‘is likely to trade in a range of 0.6600/0.6760 for the time being’. Yesterday , AUD lifted off and surged above 0.6760 . The rapid improvement in momentum suggests AUD is likely to advance further. Resistance is at 0.6820, followed by a rather strong level at 0.6860. The upside risk is intact as long as AUD stays above 0.6700 in the next few days.
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