According to FX analysts Quek Ser Leang and Peter Chia from UOB Group, the Australian Dollar (AUD) is poised for a slight upward movement. Despite expectations that any advance may not breach the significant resistance level of 0.6800, the increasing upward momentum suggests continued potential gains for the AUD.
24-Hour View:
In the previous session, AUD traded within a narrow range as anticipated, fluctuating between 0.6733 and 0.6752 before settling at 0.6747, marking a marginal increase of 0.09%. There are signs of building upward momentum, albeit cautiously. Today, AUD is expected to edge higher supported by this mild momentum, though a move towards 0.6800 is deemed unlikely. Another resistance level stands at 0.6775, while immediate support lies at 0.6735. A breach of 0.6725 would indicate a fading of the current upward pressure.
1-3 Weeks View:
Looking ahead over the next 1-3 weeks, the outlook remains consistent with earlier forecasts. The strengthening upward momentum suggests that AUD is likely to continue its ascent towards the key resistance level of 0.6800. Only a decline below 0.6700, previously identified as a strong support level and formerly at 0.6690, would suggest a potential halt to the AUD’s recent strength observed since early last week.
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