Aussie Dollar is expected to navigate within 0.7310 and 0.7485 in the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “AUD traded between 0.7390 and 0.7429 yesterday, narrower than our expected 0.7380/0.7430 range. The close in NY is on the soft side and there is scope for AUD to test the 0.7380 support. In view of the lackluster momentum, a sustained move below this level is not expected. Resistance is at 0.7430 followed by 0.7445. The latter level is expected to be strong enough to cap any intraday AUD strength”.
Next 1-3 weeks: “AUD traded within familiar ranges yesterday and there are no further clues. As highlighted in recent updates, indicators are mostly flat which suggest that AUD could continue to trade within last month’s 0.7310/0.7485 range for a few weeks more”.
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