According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the Australian Dollar (AUD) is expected to trade within a range of 0.6720 to 0.6765. However, there is potential for the AUD to continue its upward movement and reach last month’s high near 0.6800.
24-Hour View
Yesterday, the AUD fluctuated between 0.6732 and 0.6761, closing at 0.6744 (-0.04%). It is likely that the current price movements indicate a phase of range trading. Today, the AUD is expected to trade between 0.6730 and 0.6765.
1-3 Weeks View
Despite a slight decrease in momentum, the AUD has not yet shown signs of reversing its upward trend. As long as the ‘strong support’ level at 0.6660 holds, the AUD could continue to advance towards last month’s high at 0.6800.
Analysis and Conclusion
For investors and traders, the potential for the AUD to break above last month’s high at 0.6800 presents an opportunity for profit. By monitoring the key support level at 0.6660, one can assess the strength of the AUD’s upward movement. It is important to stay informed about market trends and developments to make informed decisions about trading the AUD.
