VOT Research Desk
According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, after 0.6850 is crossed, the AUD/USD might rise to 0.6915. 24-hour perspective:
We expected the AUD to ‘continue to rise’ yesterday.” ‘Overbought conditions suggest 0.6850 may be out of grasp today,’
Our prediction proved right, as the AUD climbed to 0.6847 before easing. The upward impulse has diminished, and the present price movement is most likely part of a consolidation period. Today, we anticipate that the AUD will trade between 0.6765 and 0.6845.
We indicated yesterday (01 December, spot at 0.6800) that the ‘fast rise in AUD appears to be running ahead, but there is room for AUD to rise further to 0.6850.” The AUD then surged to 0.6847 before falling again. Further AUD strength is not ruled out, but it must surpass 0.6850 before a move to 0.6915 is likely.
The possibility of a clear break of 0.6850 remains as long as the AUD does not go below 0.6730 (the ‘strong support’ level was at 0.6715 yesterday).
