UOB Group FX strategists Quek Ser Leang and Peter Chia forecast a likely rise in the Australian Dollar (AUD) to 0.6800, given the increasing upward momentum. The AUD is expected to continue trading within a range of 0.6725 to 0.6755 in the short term.
24-Hour View:
The AUD traded between 0.6724 and 0.6747 yesterday, slightly narrower than the anticipated range of 0.6720 to 0.6755. It closed nearly unchanged at 0.6741, up by 0.06%. Further range trading within 0.6725 to 0.6755 is anticipated for the next 24 hours.
1-3 Weeks View:
Maintaining their outlook from July 8, UOB strategists highlight the increasing upward momentum, suggesting that the AUD is likely to continue its rise to 0.6800. The strength observed since early last week is expected to persist unless the AUD breaches the strong support level at 0.6690.
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