Leading FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group predict that the strong momentum behind the Australian Dollar (AUD) is likely to continue, pushing it towards the key resistance level of 0.6660.
Analyzing the Market Trends
According to the 24-hour view, the AUD surpassed expectations by closing significantly higher at 0.6634, indicating overbought conditions. Despite this, the analysts believe that the momentum will drive further strength in the AUD, but breaking above 0.6660 remains a crucial point to watch. Support is currently at 0.6615, with a breach of 0.6600 suggesting a halt in the AUD’s upward trajectory.
Looking ahead to the 1-3 weeks view, the analysts highlight the significant breakthrough of the 0.6600 level by the AUD, which has now set its sights on reaching 0.6660. With upward momentum on the rise, the next resistance level at 0.6700 becomes a critical target for AUD traders. On the downside, the strong support level has shifted to 0.6580, indicating a positive outlook for the AUD in the near future.
Understanding the Impact
For investors and traders, the current strength in the Australian Dollar (AUD) presents an opportunity for potential gains as it continues to push towards key resistance levels. Monitoring the market trends and staying informed about the AUD’s movements can help individuals make informed decisions about their investments and trading strategies.
Final Analysis
The Australian Dollar (AUD) is showing strong momentum and is poised to break above the 0.6660 resistance level, with further gains expected in the near future. Investors and traders should keep a close eye on the market trends and key support and resistance levels to capitalize on the AUD’s upward trajectory.