In opinion of the research team at UOB Group, the Aussie dollar could attempt some consolidation in the next weeks.
Key Quotes
“The immediate target at 0.7385 was easily exceeded as AUD surged to a high of 0.7444 on Friday (edging above the strong 0.7440 resistance)”.
“While the outlook is still clearly bullish, overbought short-term indicators could lead to a couple of days of consolidation first”.
“The next objective is at 0.7480 followed by the rather major level of 0.7535. Stoploss is adjusted higher to 0.7285 even though 0.7365 is already a very strong support”.
(Market News Provided by FXstreet)
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