AUD/USD: Long-term momentum remains strong – UOB Group

FXStreet Insights Team FXStreet

Australian Dollar (AUD) is likely to trade in a range between 0.6330 and 0.6365 against the US Dollar (USD). In the longer run, momentum remains strong; AUD could continue to advance, potentially to 0.6410, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

AUD potentially can continue to advance towards 0.6410

24-HOUR VIEW: "Two days ago, AUD traded in a range and closed largely unchanged at 0.6357 (+0.06%). Yesterday, we pointed out that we 'continue to expect range trading, but the softened underlying tone suggests a lower range of 0.6335/0.6370.' Our view was not wrong as AUD traded between 0.6333 and 0.6367 and closed largely unchanged again at 0.6354 (-0.04%). The price movements continue to suggest range trading, likely between 0.6330 and 0.6365."

1-3 WEEKS VIEW: "We have held a positive AUD view since early this month. In our latest narrative from two days ago (17 February, spot at 0.6355), we highlighted, 'momentum remains strong, and we continue to expect AUD to advance, potentially to 0.6410.' AUD traded in a range over the past couple of days, and we continue to hold the same view as long as 0.6305 (‘strong support’ level was at 0.6290 yesterday) is not breached."

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD edges higher to mid-1.1600s; looks to US PCE Price Index for fresh impetus

The EUR/USD pair attracts some dip-buyers during the Asian session on Friday and recovers a part of the previous day's retracement slide from the 1.1680 region, or the highest level since October 17. Spot prices currently trade around mid-1.1600s and remain on track to register gains for the second straight week.

GBP/USD: Constructive view prevails above 1.3300 ahead of US PCE inflation data

The GBP/USD pair trades on a flat note near 1.3330 during the Asian trading hours on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation report later on Friday. The US delayed Personal Consumption Expenditures Price Index report for September could offer some hints about the US interest rate path.

Gold bull-bear tug-of-war extends ahead of US data

Gold struggles around $4,200 early Friday, eyes a modestly flat close to the week. US Dollar turns south alongside Treasury bond yields amid Fed rate cut buzz. Gold remains confined within a tight range; buyers refuse to give up yet.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash, MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages.

Why the Fed may cut rates in December: Understanding the policy shift

The Fed has gone through a noticeable policy swing in recent months - from initiating a rate cut, to signaling a potential pause, and now shifting once again toward another cut in December. This has created understandable confusion among traders and investors trying to interpret the Fed’s reaction function.

XRP edges lower despite record on-chain activity and steady ETF inflows

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.