AUD/USD keeps the consolidation well in place so far – UOB
|The Aussie dollar is seen maintaining the rangebound theme unchanged vs. the greenback in the short-term horizon, in opinion of FX Strategists at UOB Group.
Key Quotes
24-hour view: “AUD edged to a high of 0.6950 last Friday before settling on a firm note at 0.6945 (+0.27%). Upward momentum has picked up, albeit not by much. From here, AUD could grind higher but a break of 0.6970 is unlikely. Support is at 0.6925 followed by 0.6910.”
Next 1-3 weeks: “We have held the same view since last Tuesday (23 Jun, spot at 0.6920) wherein AUD is expected to consolidate and trade between 0.6800 and 0.7010. The price actions since then were in line with our expectation. At this stage, there are no further clues and AUD could continue to trade sideways for a while more.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.