AUD/USD: POISED TO TEST THE LAST MONTH’S HIGH AT 0.6800 – UOB GROUP
The Australian Dollar (AUD) could continue to advance, possibly to last month’s high, near 0.6800, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
0.6800 is the next level to watch
24-HOUR VIEW: “We expected AUD to trade in a 0.6720/0.6765 range. Our view was incorrect, as it dropped to a low of 0.6697, closing lower by 0.58% (0.6705). There has been a slight increase in downward momentum, but probably not enough to threaten the strong support at 0.6660. Resistance is at 0.6725; a breach of 0.6750 would mean that the current mild downward pressure has faded.”
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