AUD/USD clings to the rangebound theme – UOB
|AUD/USD is forecasted to navigate between 0.7200 and 0.7350 in next weeks, noted FX Strategists at UOB Group.
Key Quotes
24-hour view: “Our expectation for AUD to ‘trade sideways’ yesterday was wrong as it soared to a high of 0.7342 before easing off to end the day at 0.7302 (+0.18%). The build-up in momentum fizzled out quickly and for today, AUD is likely to consolidate and is unlikely to stray much out of yesterday’s range of 0.7268/0.7342.”
Next 1-3 weeks: “There is not much to add to our latest update from last Friday (11 Sep, spot at 0.7265). As highlighted, AUD is likely in a consolidation phase and could trade between 0.7200 and 0.7350 for a period of time. The quiet price actions over the past couple of days reinforce our view. At this stage, there is no early indication on which side of the range is more ‘vulnerable’.”
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