Leading FX strategists Quek Ser Leang and Peter Chia from UOB Group predict that the Australian Dollar (AUD) could continue its upward trend, potentially reaching last month’s high near 0.6800.
Key Levels to Watch
24-HOUR VIEW: Despite an initial forecast of trading within a 0.6720/0.6765 range, the AUD dropped to a low of 0.6697 before closing at 0.6705. While there has been a slight increase in downward momentum, strong support at 0.6660 remains intact. Resistance is at 0.6725, with a breach of 0.6750 indicating a weakening of downward pressure.
1-3 WEEKS VIEW: With the AUD trading at 0.6750, the experts believe that as long as the strong support level at 0.6660 holds, the currency could continue its upward trajectory, potentially reaching last month’s high near 0.6800.
Analysis and Implications
For investors and traders, the forecasted rise in the AUD to 0.6800 presents an opportunity for potential gains. Those looking to capitalize on this trend should closely monitor key levels, such as 0.6725 and 0.6750, for potential entry and exit points. Additionally, keeping an eye on the strong support level at 0.6660 will be crucial in determining the sustainability of the upward movement.