AUD/USD: Current price action is likely the early stages of a recovery – UOB Group
Trending Articles- Iran threatens to completely close Strait of Hormuz if US bombs power plants
- Gold Prices Under Pressure After Hitting $4,600, UBS: Safe-Haven Logic Unchanged But Only Delayed.
- Trump TACO Trade Saves Market, But Who Are the First Victims of the TACO Trade?
- US-Iran Rift Persists, Will Gold Rise or Fall Next?
- Gold Suffers Epic Plunge, March Cumulative Decline Exceeds 20%. Has Gold Become a Risk Asset?
- Gold rallies on hopes for US-Iran talks and falling US Treasury yields
Australian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
To keep the momentum, AUD must not break below 0.6190
24-HOUR VIEW: “Yesterday, we indicated that ‘provided that 0.6205 is not breached, AUD could break above 0.6305.’ The ensuing price movements did not turn out as we expected, with AUD fluctuating between 0.6209 and 0.6289. Upward momentum has slowed to an extent, and AUD is likely to trade sideways today, expected to be between 0.6220 and 0.6290.”
1-3 WEEKS VIEW: “Following the strong rise in AUD on Monday, we highlighted yesterday (21 Jan, spot at 0.6275) that ‘the current price action is likely the early stages of a recovery phase that could potentially reach 0.6350.’ We also indicated that ‘to keep the momentum going, AUD must not break below 0.6190.’ Our view remains unchanged.”
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
