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AUD/USD has now shifted the attention to the upper end of the range and targets the 0.6900 region in the near term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that “AUD could edge higher but the major 0.6895 could be just out of reach”. AUD subsequently touched 0.6883 before easing off. Upward pressure has eased and AUD is likely to consolidate and trade sideways today, likely between 0.6840 and 0.6880″.

Next 1-3 weeks: “AUD didn’t do much yesterday as it eked out a fresh high of 0.6883 before slipping to close slightly lower at 0.6856 (-0.16%). For now, there is no change to our view from last Friday (18 Oct, spot at 0.6825) wherein the risk is for a higher AUD towards 0.6895. Only a break of 0.6815 (‘strong support’ level was previously at 0.6800) would indicate that our view for a stronger AUD is wrong. Looking ahead, if AUD were to break clearly above 0.6895, the next level to focus on is at 0.6930″.