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- AUD/USD now seen within 0.7030-0.7185 – UOB
AUD/USD now seen within 0.7030-0.7185 – UOB
FXStreet reports that AUD/USD is now expected to navigate between 0.7030 and 0.7185 in the next weeks, suggested FX Strategists at UOB Group.
Next 1-3 weeks: “We noted yesterday that ‘downward momentum has improved, albeit not by much’ and added, we ‘continue to see 0.7005 as a solid support’. That said, we did not rule out a break of 0.7005 ‘as long as the ‘strong resistance’ at 0.7130 is intact’. AUD subsequently surged to a high of 0.7137 during NY hours. The break of 0.7130 indicates that the recent downward pressure has dissipated. The current movement is viewed as the early stages of a consolidation phase and AUD could trade between 0.7030 and 0.7185 for now.”
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