AUD/USD: Solid resistance emerges around 0.6820 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, further upside in24-hour view: We expected AUD to “continue to rise” yesterday. However, we noted that “overbought conditions suggest 0.6800 is unlikely to come into view”. In NY trade, AUD popped briefly to 0.6807 and then pulled back to end the day slightly higher at 0.6768 .
Next 1-3 weeks: Yesterday , we held the view that AUD “is likely to strengthen further to 0.6800”. In NY trade, AUD rose to 0.6807 and then pulled back to close at 0.6768 . While the AUD strength that started at the end of last week is still intact, any further advance is expected to face solid resistance at 0.6820. All in all, only a breach of 0.6705 would indicate that AUD is not advancing further.
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