Australian Dollar Likely Has Scope to Rise Further, Charts Show
Dow Jones
Aug 18
0603 GMT - The Australian dollar likely has scope to rise further against its U.S. counterpart, based on technical charts, says Quek Ser Leang of UOB's Global Economics & Markets Research in a report. The Australian dollar clearly broke above the major resistance zone of US$0.7075-US$0.7090 on Monday, the senior technical strategist notes. However, "it remains to be seen if any advance can reach the next major resistance at US$0.7200," the strategist says, noting Monday's breakout didn't lead to follow-through usually associated with a clear break of key resistance levels. The Australian dollar is 0.1% lower at US$0.7097, LSEG data show.
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