AUD/USD is now anticipated to gyrate round 0.7660 and 0.7785 within the subsequent weeks, famous FX Strategists at UOB Group.
24-hour view: “We highlighted yesterday that ‘the rebound lacks momentum and AUD is unlikely to advance a lot additional’ and we anticipated AUD to ‘consolidate inside a 0.7725/0.7770 vary’. Nonetheless, AUD plummeted briefly to 0.7675 earlier than rebounding shortly. The fast bounce has room to increase increased however a transparent break of 0.7750 is unlikely. Assist is at 0.7700 adopted by 0.7675. The latter stage is performing as a strong help for immediately.”
Subsequent 1-3 weeks: “We proceed to carry the identical view as from Monday (03 Could, spot at 0.7725). As indicated, the current uneven worth actions have resulted in a combined outlook and AUD is anticipated to commerce inside a 0.7660/0.7785 vary for now.”
