Strong momentum is likely to lead to further Australian Dollar (AUD) strength; it remains to be seen if it can break above 0.6660, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Closest resistance is at 0.6660

24-HOUR VIEW: “Yesterday, we expected AUD to trade in a sideways range of 0.6560/0.6600. Our expectation was incorrect. Instead of trading sideways, AUD soared, closing sharply higher by 0.74% (0.6634). While conditions are overbought, strong momentum is likely to lead to further AUD strength. However, it remains to be seen if it can break above 0.6660. Support is at 0.6615; a breach of 0.6600 would indicate that AUD is not strengthening further.”