AUD/USD: Likely to trade in a range between 0.6535 and 0.659 – UOB Group
|Australian Dollar (AUD) is most likely to trade in a range between 0.6535 and 0.6595. In the longer run, current price movements are likely part of a range trading phase; firm underlying tone suggests AUD could trade in a higher range of 0.6515/0.6415, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a range trading phase
24-HOUR VIEW: "We did not expect AUD to rise sharply to 0.6591 (we were expecting consolidation). Although AUD closed at 0.6589, it fell sharply after the close. The buildup in momentum has faded. Today, we expect AUD to trade in a range, most likely between 0.6535 and 0.6595."
1-3 WEEKS VIEW: "On Tuesday (08 Jul, spot at 0.6515), we noted that 'downward momentum is starting to build.' We expected AUD 'to edge lower toward 0.6460.' AUD then traded in a quiet manner for a couple of days. Yesterday, 11 Jul, when AUD was at 0.6535, we stated that 'although the momentum buildup appears to be fading, only a breach of 0.6585 (‘strong resistance’ level) would mean AUD is likely to range trade instead of edging lower.' AUD then rose above 0.6585 and reached a high of 0.6591. While the current price movements are likely part of a range trading phase, the firm underlying tone suggests AUD could trade in a higher range of 0.6515/0.6415 from here."
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.