According to analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the Australian Dollar (AUD) is poised to trade within a range of 0.6720 to 0.6755, with potential to extend gains towards 0.6800 amidst increasing upward momentum.
24-Hour View:
Yesterday, AUD showed a move towards 0.6762 before retracing to close at 0.6737, reflecting a slight decline of 0.16%. The currency appears to be consolidating in a range-bound pattern. The analysts expect AUD to fluctuate between 0.6720 and 0.6755 in the current trading session, noting that resistance around 0.6770 is unlikely to be breached.
1-3 Weeks View:
Looking ahead, the analysts maintain their bullish outlook, noting that sustained upward momentum suggests AUD could continue its ascent towards the 0.6800 mark. They emphasize that a break below 0.6690 would signal a potential end to the recent strength seen in the AUD since early last week.
Overall, the analysis points towards a positive trajectory for the Australian Dollar, with attention focused on its potential to reach higher levels amid ongoing market dynamics.
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