The Australian Dollar (AUD) is currently expected to trade within a range of 0.6740 to 0.6785 instead of strengthening further. According to UOB Group FX analysts Quek Ser Leang and Peter Chia, for the AUD to continue growing, it must surpass the 0.6800 mark.
In the short term, it is unlikely that the AUD will reach 0.6800, as it pulled back from a high of 0.6799 and closed slightly higher at 0.6760. Overbought conditions suggest that the AUD may not strengthen further and is likely to trade within the 0.6740 to 0.6785 range.
Looking ahead to the next 1-3 weeks, there is still room for the AUD to rise, but it must break above 0.6800 for further advancement to be expected. The currency reached a high of 0.6799 recently, but it remains to be seen if it can surpass 0.6800 in the coming days. Only a drop below 0.6725 would indicate that the strength of the AUD has come to an end.