AUD/USD is still trading in a range – UOB Group

FXStreet Insights Team FXStreet

The bias for Australian Dollar (AUD) is tilted to the downside toward 0.6475; the major support at 0.6455 is unlikely to come into view. In the longer run, AUD is still trading in a range, probably between 0.6455 and 0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Bias for AUD is tilted to the downside toward 0.6475

24-HOUR VIEW: "We expected AUD to trade in a range between 0.6490 and 0.6530 yesterday. AUD subsequently rose to 0.6424 before dropping to a low of 0.6482. The decline has resulted in a slight increase in downward momentum. Today, the bias for AUD is tilted to the downside toward 0.6475. Based on the current momentum, we do not expect the major support at 0.6455 to come into view. On the upside, if AUD breaks above 0.6520 (minor resistance is at 0.6505), it would indicate that the downside bias has eased."

1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (15 August, spot at 0.6510). As highlighted, AUD is still trading in a range, probably between 0.6455 and 0.6555."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

AUD/USD pulls back from monthly high but holds above 0.7000

AUD/USD retreats from the monthly high set earlier this Thursday, sliding back to 0.7000 during the Asian session as a further escalation of tensions in the Middle East undermines the risk-sensitive Aussie. However, recent hawkish comments from RBA officials could support the Australian Dollar. Furthermore, the prevailing US Dollar selling bias, despite Fed hike bets and geopolitical uncertainties, could limit losses for the pair.

USD/JPY declines to a one-week low; eyes trading range support near 157.50 on weaker USD

USD/JPY drops to a one-week low during Thursday’s Asian session, with bears now awaiting a break below multi-week range support near mid-157.00s before placing fresh bets amid a broadly weaker US Dollar. Despite bets for a December Fed rate hike and Middle East jitters, the recent decline in US bond yields keeps USD depressed near a three-week low. Moreover, hawkish BoJ expectations and intervention risks underpin the Japanese Yen, further weighing on the currency pair.

Gold sinks to over two-month low as higher-for-longer interest rate expectations weigh

Gold (XAU/USD) slips below $4,100 on Thursday as the US Dollar (USD) rebounds, while energy-driven inflation concerns from Middle East tensions reinforce expectations that interest rates will remain elevated longer.

The estimates keep falling: Why Bitcoin's quantum countdown is accelerating

The threat that Artificial Intelligence (AI) and quantum computing pose to Bitcoin (BTC) and cryptocurrencies in general is no longer a matter of if hardware will catch up; it is a matter of when.

3 Gold forecasts at $4,100: A bullish Arc rejection, a bearish Fed setup and a festival tiebreaker

Gold (XAU/USD) is trading near $4,100, and the three latest analyses cannot agree on what the level means: one sees the bounce from support as confirmation of a potential push toward $4,227, another argues every rally is vulnerable while price sits under its 20-day EMA, and the third points to India's Diwali buying season as the physical test about to meet the market.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.