AUD/USD now focused on 0.6690 – UOB

Pablo Piovano FXStreet

AUD/USD could slip back to the 0.6640 region on a close below 0.6690, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD traded between 0.6706 and 0.6740 last Friday, lower and narrower than our expected sideway trading range of 0.6710/0.6755. Momentum indicators are still mostly ‘neutral’ and AUD is likely to continue to trade sideways. Expected range for today, 0.6710/0.6750”.

Next 1-3 weeks: “We continue to hold the same view from Tuesday (27 Aug, spot at 0.6775) wherein AUD is trading in a consolidation phase. That said, the slightly weakened underlying suggests a narrower range of 0.6690/0.6780 (from 0.6690/0.6845 previously). Looking ahead, if AUD were to register a NY closing below 0.6690, it would suggest a move to 0.6640 (possibly 0.6600) has started”.

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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