Australian Dollar Approaching Major Resistance Zone Vs. U.S. Dollar, Charts Show
Dow Jones
Aug 06
0517 GMT - The Australian dollar is approaching a major resistance zone between US$0.7075 and US$0.7090, based on technical charts, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. The Australian dollar's recent rebound against its U.S. counterpart has "firmed considerably," the senior technical strategist notes. "A clear break above this resistance zone could potentially lead to a more durable and sustained recovery in AUD/USD," the strategist says. To maintain the build-up in momentum, the Australian dollar should "ideally" stay above US$0.7000, the strategists adds. The Australian dollar is 0.2% lower at US$0.7042, LSEG data show.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.