AUD/USD: Likely to be contained between 0.6470/0.6555 – UOB Group
|A narrower range of 0.6470/0.6555 is likely enough to contain the price movements for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Further range trading seems likely
24-HOUR VIEW: "We expected AUD to 'trade in a range of 0.6510/0.6535' yesterday. Our view of range trading was not wrong, even though AUD traded in a lower and narrower range of 0.6502/0.6529. Further range trading seems likely. Today, we expect AUD to trade between 0.6500 and 0.6530."
1-3 WEEKS VIEW: "We have expected range-trading since last week. Yesterday (11 August, spot at 0.6520), we indicated that 'while we continue to expect range trading, a narrower range of 0.6470/0.6555 is likely enough to contain the price movements for now.' We continue to hold the same view."
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.