AUD/USD faces a tough resistance around 0.6915/40 – UOB – by pabspiovano AUDUSD Currencies Majors Banks
is expected to meet solid resistance in the 0.6915/40 band for the time being, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: Last Friday, we indicated that “there is room for AUD to strengthen further but overbought conditions suggest a break of 0.6915 is unlikely today.” Our view was correct as AUD rose to 0.6900 before easing off to close at 0.6876 .
Next 1-3 weeks: Our update from last Friday is still valid. As highlighted, the AUD strength that started more than a week ago is still in place. However, after rising sharply and swiftly in the past one week or so, AUD is approaching a solid resistance zone between 0.6915 and 0.6940. This resistance zone might not be ease to break. On the downside, a breach of 0.6790 would indicate that AUD is not ready to break above the resistance zone.
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