The Australian Dollar (AUD) is currently expected to trade within a range of 0.6745 and 0.6790. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, there is room for the AUD to continue rising, but it must surpass the 0.6800 mark before any further advances can be expected. In the 24-hour view, it is predicted that AUD may reach 0.6800 if it manages to break above 0.6790. The price action last Friday did not show any clear increase in momentum, leading to the expectation that AUD will likely trade within a range of 0.6745 and 0.6790.
Looking at the 1-3 weeks view, it is noted that not much has changed since the previous update. With the spot at 0.6765, there is still room for the AUD to rise, but breaking above the 0.6800 level is crucial for any further advancements. However, the overbought conditions suggest that it remains uncertain whether AUD can indeed surpass 0.6800. Only a breach of 0.6735 would indicate that the strength of the AUD from two weeks ago has come to an end. The ‘strong support’ level was at 0.6725 last Friday.
It is important to monitor the movement of the AUD closely within the specified range of 0.6745 to 0.6790. The analysts emphasize that the AUD must surpass 0.6800 in order to expect any further rise. The current price action has not shown a significant increase in momentum, leading to an expectation of AUD trading within the predicted range. The 1-3 weeks view reiterates the need for the AUD to break above 0.6800 for any further advances, while also considering the overbought conditions which may impact its performance.
In conclusion, the AUD is currently expected to trade within a specific range, with the potential for further rise if it manages to break above 0.6790 and surpass 0.6800. The price action from last Friday did not provide a clear indication of momentum increase, leading to the prediction of AUD remaining within the range of 0.6745 to 0.6790. Close monitoring of its movement is advised, with a key focus on the pivotal 0.6800 mark for any significant advancements in the near future. The overbought conditions should also be taken into consideration when assessing the potential performance of the AUD in the coming weeks.
