AUD/USD remains side-lined for the time being – UOB

Pablo Piovano FXStreet

AUD/USD is now expected to gyrate around 0.7660 and 0.7785 in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the rebound lacks momentum and AUD is unlikely to advance much further’ and we expected AUD to ‘consolidate within a 0.7725/0.7770 range’. However, AUD plummeted briefly to 0.7675 before rebounding quickly. The rapid bounce has room to extend higher but a clear break of 0.7750 is unlikely. Support is at 0.7700 followed by 0.7675. The latter level is acting as a solid support for today.”

Next 1-3 weeks: “We continue to hold the same view as from Monday (03 May, spot at 0.7725). As indicated, the recent choppy price actions have resulted in a mixed outlook and AUD is expected to trade within a 0.7660/0.7785 range for now.”

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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