AUD / USD could extend the trading range between 0.6990 and 0.7300 in the coming weeks, have noted the currency strategists of UOB Group.
Key Comments:
24 hour view: “AUD / USD rose and closed at 0.7162 before briefly rising to a high of 0.7223 this morning. The rapid rise and the equally rapid retreat have resulted in a mixed outlook. Other volatile price actions would not be surprising, but AUD / USD is unlikely to move much beyond the expected range of 0.7030 / 0.7250 ”.
Next 1-3 weeks: “Our last explanation was from Monday (Nov 2, pair at 0.7015) where AUD / USD ‘could weaken, but main, solid support at 0.6930 may not show up as soon, if at all.’ That said, no. We expected how easily AUD / USD broke through the ‘strong resistance’ level of 0.7100. The Aussie rose to a high of 0.7223 this morning, but has since retreated. Volatile price action has resulted in a mixed outlook. From here on, AUD / USD could move erratically, but it is likely to remain between the two main levels of 0.6990 and 0.7300. ”
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Credits: Forex Street
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