FX Strategists at UOB Group suggested the Aussie Dollar is expected to trade within a sideline theme in the next weeks.
24-hour view: “We indicated last Friday “the rebound in AUD has scope to extend higher but strong resistance is expected at 0.7155”. However, the strong resistance was unthreatened as AUD eased off quickly after touching a high of 0.7140. Upward pressure has waned and AUD has likely moved into a consolidation phase. In other words, we expect AUD to trade sideways for today, likely between 0.7080 and 0.7135”.
Next 1-3 weeks: “AUD traded in a relatively narrow range last Friday and ended the day largely unchanged (NY close of 0.7117, -0.09%). The price action reinforces our view wherein we expect AUD to trade sideways in the coming days, likely within a 0.7040/0.7200 range. Looking ahead, the current price action seems to suggest that AUD is attempting to base out but this process could take up to a few weeks”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.