AUD/USD: STRONG RESISTANCE EXISTS AT 0.6800 – UOB GROUP
Instead of strengthening further, the Australian Dollar (AUD) is likely to trade in a 0.6740/0.6785 range instead. Room for AUD to continue to rise, but it has to surpass 0.6800 before further advance can be expected, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
AUD has to surpass 0.6800 to continue growing
24-HOUR VIEW: “While we expected AUD to strengthen yesterday, we indicated that ‘any advance is unlikely to reach 0.6800.’ AUD subsequently rose, but it came close to reaching 0.6800 (high has been 0.6799). AUD pulled back from the high and closed slightly higher (0.6760, 0.19%). The pullback in overbought conditions suggest that instead of strengthening further today, AUD is likely to trade in 0.6740/0.6785 range instead.”
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