According to top financial experts at UOB Group, the Australian Dollar (AUD) is gaining momentum and may use the key level of 0.6600 as a support for potential upward movement.
Technical Analysis: What to Expect Next
24-HOUR VIEW: The AUD rose to 0.6605 before pulling back to close at 0.6571. This slight pullback in overbought conditions indicates a consolidation phase, with price likely to range between 0.6545 and 0.6595.
1-3 WEEKS VIEW: After stabilizing from recent weakness, the AUD has shown signs of upward momentum. To sustain further gains, the AUD must break and hold above 0.6600. If this level is breached, the next target to watch is 0.6660.
Analysis and Implications for Investors
For investors and traders, the AUD’s movement above 0.6600 could signal a potential uptrend in the coming days. It is essential to monitor the key support level at 0.6510 to assess the AUD’s strength. Breaking above 0.6600 could open the door for further gains, while a failure to do so may lead to a consolidation phase.