AUD / USD is still estimated to trade within the 0.7645-0.7820 range on the short-term horizon, according to UOB Group currency strategists.
Key statements:
24 hour outlook: “We expected the AUD to” trade sideways within a range of 0.7720 / 0.7780 “yesterday. Subsequently, the AUD traded between 0.7711 and 0.7757. The underlying tone has weakened a bit and the AUD could drop to 0.7700. The next support at 0.7670 is not expected to enter the scene. Resistance is at 0.7760 followed by 0.7780 “.
Next 1-3 weeks: “We continue to hold the same opinion that stood out last Thursday (March 11, price at 0.7740). As stated, the current move is considered a consolidation phase and the AUD is likely to trade within a range of 0.7645 / 0.7820 ”.
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