AUD/USD is forecasted to navigate between 0.7200 and 0.7350 in next weeks, noted FX Strategists at UOB Group.
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’.”
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.