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AUD/USD: The pair will likely trade between 0.6635 and 0.6675 – UOB Group

The Australian Dollar (AUD) will likely consolidate between 0.6635 and 0.6675 against the US Dollar, analysts at UOB Group.

AUD/USD is range bound at the moment

24 HOUR PERSPECTIVE: “Yesterday we noted that ‘bearish momentum has increased slightly, and the AUD is likely to move lower.’ However, we consider that ‘any decline is unlikely to reach 0.6600.’ Our opinion was wrong, as after falling to a low of 0.6627, the AUD rose to a high of 0.6668. The recovery did not result in a clear increase in momentum. Instead of continuing to recover, it is more. AUD likely to consolidate between 0.6635 and 0.6675

1-3 WEEKS VIEW: “Our update from yesterday (June 24, pair at 0.6640) remains valid. As indicated, the current price action is likely part of a range trading phase. At the moment, it is AUD likely to trade between 0.6600 and 0.6685

Source: Fx Street

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