AUD/USD: THE PAIR MAY SURPASS 0.6755 – UOB GROUP
The Australian Dollar (AUD) is likely to edge higher, and the 0.6755 level is expected to offer solid resistance. If AUD can surpass 0.6755, it could continue to rise to 0.6800, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
Above 0.6755 AUD can continue to rise to 0.6800
24-HOUR VIEW: “After AUD surged to a high of 0.6734 two days ago, we indicated yesterday that ‘the sharp rally appears to be overdone, and instead of continuing to rise, AUD is likely to trade in a sideways range of 0.6685/0.6735.’ AUD then traded between 0.6704 and 0.6732. Upward momentum has increased, albeit not much. Today, provided that AUD does not break below 0.6690, it is likely to edge higher. However, the 0.6755 level is expected to offer solid resistance.”
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