UOB Research discusses AUD/USD technical outlook and flags a scope for further upside in the near-term.
"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," UOB notes.
"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," UOB adds.