AUD/USD: Likely to consolidate in a range of 0.6420/0.6470 – UOB Group
|Australian Dollar (AUD) is likely to consolidate in a range of 0.6420/0.6470 vs US Dollar (USD). In the longer run, for the time being, AUD is expected to trade in a range of 0.6380/0.6485, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUD to range trade in the coming days
24-HOUR VIEW: "Yesterday, when AUD was at 0.6420, we stated that AUD 'could edge below 0.6400.' However, we were of the view that 'the next support at 0.6380 is unlikely to come under threat.' Our expectations did not turn out as expected, as AUD traded between 0.6408 and 0.6459. The price movements appear to be part of a consolidation phase, even though the firmer underlying tone suggests AUD is likely to trade in a higher range of 0.6420/0.6470 today."
1-3 WEEKS VIEW: "Our update from two days ago (28 May, spot at 0.6450), is still valid. As highlighted, for the time being, AUD is expected to trade in a range of 0.6380/0.6485."
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.