Home›Forex›Major Pairs›AUD/USD eyes 0.6935 support as US dollar strengthens

AUD/USD eyes 0.6935 support as US dollar strengthens

UOB expects AUD/USD to trade in a 0.6935 to 0.7020 range over the next 1 to 3 weeks, with resistance around 0.6965 and 0.6975.

Reported · Written up by our desk · Major Pairs

FXStreet reports that United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann say AUD/USD is slipping as a stronger US dollar weighs on commodity-linked currencies.

They noted short-term momentum has turned lower, with scope for a test of major support at 0.6935. The analysts expect a sustained break below 0.6935 is unlikely.

For the 1 to 3 week horizon, the outlook is neutral, with AUD/USD expected to trade between 0.6935 and 0.7020.

In the near term, UOB flagged resistance at 0.6965, followed by 0.6975.

More like this

Sources