The Australian Dollar (AUD) is likely to continue to rise; 0.6955 is probably out of reach for now. Outlook for AUD remains positive, and it could advance further to 0.6955, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
The bullish target is at 0.6955
24-HOUR VIEW: “Our view for AUD to trade sideways yesterday was incorrect. Instead of trading sideways, AUD soared to 0.6894, and it continues to rise in early Asian trade today. Having breached the 0.6900, AUD is likely to continue to rise, even though 0.6955 is probably out of reach for now (there is another resistance level at 0.6930). In order to keep the momentum going, AUD must remain above 0.6850 (minor support is at 0.6870).”
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