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- AUD/USD likely to trade within 0.7680/0.7830-range for now - UOB
AUD/USD likely to trade within 0.7680/0.7830-range for now - UOB
FX Strategists at UOB Group reiterates their view that AUD/USD is likely to trade within a broad 0.7680/0.7830 range in the next few weeks.
24-hour view: "Our expectation for AUD to “test 0.7800” last Friday was incorrect as it dropped sharply from 0.7783 (low has been 0.7719). Downward momentum is beginning to improve and AUD could weaken further. However, a sustained decline below last week’s low near 0.7710 is unlikely (next support is at 0.7680)."
Next 1-3 weeks: "Our latest narrative from last Thursday (20 May, spot at 0.7735) still stands. As indicated, AUD is still in a consolidation and is likely to trade within a broad 0.7680/0.7830 range for now."
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