24-hour view: “While we expected AUD to edge higher last Friday, we held the view that ‘it is unlikely to break clearly above 0.6740’. The anticipated AUD strength exceeded our expectations as AUD soared to 0.6757 before closing on a firm note at 0.6750 . Further AUD strength is not ruled out but overbought conditions suggest the next major resistance at 0.6810 is not expected to come under threat . Support is at 0.6725, followed by 0.6695.
Next 1-3 weeks: “Our most recent narrative was from last Wednesday wherein ‘as long as AUD holds above 0.6610, it could edge higher to 0.6740’. We indicated that ‘the odds of a sustained rise above 0.6740 are not high.’ Last Friday , AUD soared and broke above 0.6740 . Upward momentum has improved considerably and AUD is likely to advance further. The next level to aim for is 0.6810. Overall, AUD is likely to continue to rise as long as it stays above 0.6670 .
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