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AUD/USD Faces Growing Risks of Rising Toward December High of 0.6871, Chart Shows -- Market Talk

Dow Jones07-08

0658 GMT - AUD/USD faces growing risks of rising toward the December high of 0.6871, based on the weekly chart, says Quek Ser Leang, markets strategist of UOB's Global Economics & Markets Research, in a research report. Last week, the currency pair broke above resistance at the top of the weekly Ichimoku cloud and the trendline connecting the highs of January 2023 and December 2023, the strategist notes. This breach suggests a growing probability of AUD/USD rising toward the December high, and the positive outlook is backed by the notion that the 21-week exponential moving average is on the verge of crossing above the 55-week EMA, the strategist adds. AUD/USD is steady at 0.6742. (ronnie.harui@wsj.com)

 

(END) Dow Jones Newswires

July 08, 2024 02:58 ET (06:58 GMT)

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