Title: Australian Dollar (AUD) Shows Strong Momentum, Breaking Above 0.6800
In a surprising turn of events, the Australian Dollar (AUD) has surged by 1.37% in just one day, marking the biggest advance this year. Despite overbought conditions, there seems to be enough momentum for the AUD to break clearly above 0.6800. However, reaching 0.6870 remains uncertain.
The 24-HOUR VIEW suggests that while a jump to 0.6800 is likely, the resistance at 0.6870 may not be reached today. Support levels are at 0.6745 and 0.6760 in case of a pullback.
Looking ahead in the 1-3 WEEKS VIEW, the AUD’s continued strength is evident as it approaches last month’s high near 0.6800. However, the overbought conditions raise doubts about reaching 0.6870 in the coming weeks. The support level has also shifted to 0.6710.
Analysis:
The Australian Dollar is showing strong momentum, with the potential to break above key levels. Investors should monitor the resistance at 0.6870 and support levels at 0.6745 and 0.6760 for potential trading opportunities. The AUD’s performance in the next few weeks will depend on its ability to sustain its current strength despite overbought conditions.