AUD/USD closed at 0.6916, with expectations for consolidation between 0.6880 and 0.6940. The report suggests that further strength is possible, but the pair must break above 0.6945 to aim for 0.6985. UOB Group Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann notes.

AUD likely to consolidate

“24-HOUR VIEW: When AUD was at 0.6900 in the early Asian session yesterday, we indicated that “there is scope for AUD to test 0.6945 before leveling off.” AUD subsequently rose to a high of 0.6941 before settling at 0.6916, up by 0.27%. Upward momentum is starting to slow, and instead of continuing to rise, AUD is more likely to consolidate today, probably between 0.6880 and 0.6940.”

“1-3 WEEKS VIEW: We have expected a strong AUD since the middle of last week (as annotated in the chart below). Yesterday, we highlighted that “we do not rule out further AUD strength, but it must break and hold above the significant resistance at 0.6945 before a move to 0.6985 can be expected.” We will maintain the same view as long as 0.6840 (no change in ‘strong support’ level) is not breached.”

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