AUD/USD: A move towards 0.6825 is highly likely – UOB Group
|
The Australian Dollar (AUD) is set to advance towards 0.6825, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
AUD to move towards 0.6825
24-HOUR VIEW: “Although AUD rose sharply on Monday, we indicated yesterday (Tuesday) that ‘upward momentum has not increased much.’ However, we were of the view that it ‘could continue to rise, but any advance is likely part of a higher range of 0.6725/0.6765.’ AUD then traded in a 0.6742/0.6769 range, closing largely unchanged at 0.6756 (+0.06%). Further range trading still seems likely today, expected to be in a range of 0.6725/0.6775.”
1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (17 Sep, spot at 0.6745). As highlighted, the recent price action has resulted in a tentative buildup in upward momentum. However, AUD must break and remain above 0.6765 before an advance to 0.6825 can be expected. The likelihood of AUD breaking clearly above 0.6765 will increase in the next few days as long as 0.6700 is not breached.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
