The Australian Dollar (AUD) is most likely to continue to increase; 0.6955 is most likely out of reach in the meantime. Outlook for AUD stays favorable, and it might advance even more to 0.6955, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
The bullish target is at 0.6955
24-HOUR VIEW: “Our view for AUD to trade sideways the other day was inaccurate. Rather of trading sideways, AUD skyrocketed to 0.6894, and it continues to increase in early Asian trade today. Having actually breached the 0.6900, AUD is most likely to continue to increase, although 0.6955 is most likely out of reach in the meantime (there is another resistance level at 0.6930). In order to keep the momentum going, AUD needs to stay above 0.6850 (small assistance is at 0.6870).”
1-3 WEEKS VIEW: “We have actually held a favorable AUD view given that early recently. In our newest story from last Friday (20 Sep, area at 0.6800), we highlighted that “while there is still space for AUD to continue to increase, it might not have adequate momentum to challenge to substantial resistance at 0.6870.” The other day, AUD removed and broke above 0.6870. Today, it increased above another considerable resistance level at 0.6900. The breach of the resistance levels is accompanied by strong upward momentum, and we stay favorable in AUD, preparing for an additional advance to 0.6955. The favorable outlook is undamaged as long as 0.6820 (‘strong assistance’ level was at 0.6770 the other day) is not breached.”
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