Further consolidation likely in AUD/USD for the time being – UOB – by pabspiovano AUDUSD Currencies Majors Banks
is now seen within the 0.6865-0.7055 range in the next few weeks.24-hour view: “We highlighted yesterday that AUD could rise to 0.7000 first before the risk of a pullback increases. We added, ‘The major resistance at 0.7055 is not expected to come under threat’. AUD soared briefly to 0.7030, dropped to 0.6922 before ending the day at 0.6985 . We view the price actions as part of a broad consolidation range and expect AUD to trade between 0.6930 and 0.7015 today.
Next 1-3 weeks: “Our view from one week ago is still valid. As highlighted, AUD is in a consolidation phase and it is likely to trade between 0.6865 and 0.7055 for now.”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.
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