AUD/USD could now navigate within the 0.7690 and 0.7815 range in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: “Our expectation for AUD to ‘strengthen further’ was incorrect as it dropped to 0.7762 before falling further during Asian hours. Further weakness is not ruled out but the major support at 0.7690 is unlikely to come under threat (0.7720 is already quite a strong level). On the upside, resistance is at 0.7770 followed by 0.7790.”
Next 1-3 weeks: “We noted yesterday (27 Apr, spot at 0.7795) that ‘rapid improvement in momentum suggests AUD could advance further’. Our view was proven wrong quickly as AUD dropped below our ‘strong support’ level of 0.7735 during Asian hours. The sharp but short-lived swings have resulted in a mixed outlook. AUD could trade between 0.7690 and 0.7815 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. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
