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AUD/USD gets ready to test the 0.69 level and beyond – UOB

FX Strategists at UOB Workforce see the Aussie Greenback gaining additional traction and seek advice from the zero.69 house and perhaps above within the close to time period.

Key Quotes

24-hour view: “AUD traded between zero.6849 and nil.6885 the day prior to this, relatively upper and narrower than our anticipated zero.6840/zero.6880 vary. The underlying tone has firmed relatively and a transfer above zero.6885 would no longer be unexpected. That stated, the following resistance at zero.6910 is most likely out of succeed in for these days. Beef up is at zero.6845 however the extra vital toughen is at zero.6825”.

Subsequent 1-Three weeks: “AUD eked out a recent 6-week prime of zero.6885 the day prior to this (11 Sep) prior to easing off to near little modified at zero.6863 (+zero.02%). There’s no alternate in our view and we proceed to look probability for the rebound that began ultimate week to take on zero.6910. That stated, after the fast upward thrust over the last week, shorter-term signs are overbought and AUD has to proceed to advance as a ‘pause’ round those overbought ranges would building up the chance of a momentary best. At the problem, a breach of zero.6825 (robust toughen prior to now at zero.6800) would point out that the present upward has eased and AUD has moved right into a sideway-trading segment”.

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