Australian Dollar (AUD) will continue its upward momentum, with immediate resistance expected around 0.6290.
Australian Dollar (AUD) will continue its upward momentum, with immediate resistance expected around 0.6290.
In the longer term, forecast that the AUD will trade within a range of 0.6000 to 0.6290, suggesting a consolidation phase before any significant movements.
Earlier in November 2024, UOB Group projected that the AUD could rise further to 0.6560, with potential to reach 0.6600, indicating a positive outlook at that time.
The analysts identify 0.6290 as a major resistance level, suggesting that while the AUD is strengthening, it may face challenges surpassing this threshold in the near term.
They note that a sustained break below 0.6000 could signal a shift in trend, but currently, the focus remains on the resistance at 0.6290.
The AUD's performance is influenced by various factors, including commodity prices, global risk sentiment, and domestic economic indicators.
