Title: Australian Dollar (AUD) Analysis: Bulls Eyeing 0.6660 Amidst Range-Bound Trading – Expert Insights
The Australian Dollar (AUD) is poised to trade within a specific range, potentially between 0.6580 and 0.6640, or within a broader range spanning from 0.6545 to 0.6660, as highlighted by UOB Group’s experts Quek Ser Leang and Lee Sue Ann.
In the short-term view, following a sharp pullback in the AUD two days ago, the currency is expected to remain relatively stable. The recent price action has shown minimal momentum in either direction, with AUD likely to fluctuate within the range of 0.6580 and 0.6640.
Looking ahead to the medium-term outlook, if AUD manages to stay above 0.6580, there is a possibility of a push towards the 0.6660 level. However, with momentum indicators indicating a neutral stance, the currency is anticipated to trade sideways between 0.6545 and 0.6660 in the coming weeks.
Analysis:
For investors and traders monitoring the AUD, the current market conditions suggest a potential for range-bound trading in the near future. The key levels to watch are 0.6580 and 0.6660, with a possible bullish sentiment pushing the currency towards the higher end of the range. It is crucial to stay updated on the latest developments and expert insights to make informed decisions regarding AUD investments.