AUD/USD still locked within the 0.7680-0.7830 range – UOB

AUD/USD is predicted to stay the 0.7680-0.7830 trading range unchanged for the nonce, noted FX Strategists at UOB Group.

Key Quotes
24-hour view: “Our expectation for AUD to ‘dip below 0.7700’ didn’t materialize because it traded during a quiet manner between 0.7723 and 0.7757 before closing little changed at 0.7745 (+0.04%). Momentum indicators are mostly neutral and AUD is probably going to still trade sideways. Expected range for today, 0.7720/0.7770.”

Next 1-3 weeks: “We have held an equivalent view since early last week wherein AUD ‘is still during a consolidation and is probably going to trade within a broad 0.7680/0.7830 range’. there’s no change in our view albeit shorter-term downward momentum is starting to improve and therefore the chance for an opportunity of 0.7680 has increased.”

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