UOB Group’s FX Strategists suggest AUD/USD has likely moved into a consolidative phase between 0.7660 and 0.7800.
Key Quotes
24-hour view: “Our expectation for ‘the weakness in AUD to test 0.7685 first before stabilizing’ last Friday was incorrect as it rebounded from 0.7693. Despite the relatively sharp bounce, upward momentum has not improved by all that much. However, there is room for AUD to edge above 0.7775. AUD is unlikely to challenge the major resistance at 0.7800. Support is at 0.7725 followed by 0.7700.”
Next 1-3 weeks: “Our latest narrative from last Wednesday (21 Apr, spot at 0.7730) still stands. As highlighted, the current movement in AUD is viewed as part of a consolidation phase. AUD is likely to between 0.7660 and 0.7800 for now.”
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