AUD/USD: Weak phase over? – UOB – by pabspiovano AUDUSD Currencies Banks Majors
has now likely moved into a consolidative range.24-hour view: “Last Friday, we expected AUD to trade sideways between 0.6700 and 0.6760. While AUD rose to 0.6775, there is no marked improvement in upward momentum. Today, AUD is unlikely to advance much further. Instead, AUD is more likely to trade between 0.6735 and 0.6780.”
Next 1-3 weeks: “We have a negative AUD view since the middle of last month. In our latest narrative from last Thursday , we indicated that ‘downward momentum is waning rapidly and the odds for AUD to weaken further have diminished considerably’. In NY trade, AUD rose to a high of 0.6775. While our ‘strong resistance’ level at 0.6800 is not breached, downward momentum has more or less fizzed out. In other words, the weak phase in AUD has ended.
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