AUD/USD forecast to keep the 0.7660-0.7800 range – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, AUD/USD should keep the 0.7660-0.7800 side-lined theme unchanged for the time being.

Key Quotes

24-hour view: “Yesterday, we held the view that AUD ‘could edge above 0.7775’. Our expectation did not materialize as AUD registered a high of 0.7765. However, the sharp sell-off in AUD during NY session that sent it to a low of 0.7692 came as a surprise. While the rapid drop appears to be a bit overdone, the weakness in AUD could test 0.7685 first before stabilizing. Resistance is at 0.7730 followed by 0.7755.”

Next 1-3 weeks: “We continue to hold the same view as from Wednesday (21 Apr, spot at 0.7730). As highlighted, the current movement is viewed as the early stages of a consolidation phase and AUD is expected to trade between 0.7660 and 0.7800 for now. While the underlying tone has softened somewhat, it is too early to expect a clear break of 0.7660.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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