Title: Australian Dollar (AUD) Forecast: Trading Range Expected Between 0.6775 and 0.6820
The Australian Dollar (AUD) is anticipated to remain within a trading range, potentially fluctuating between 0.6775 and 0.6820. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, there has been no significant increase in momentum in the longer term. If the AUD breaks below 0.6730, it could indicate that the resistance level at 0.6870 is not on the horizon.
In the short-term outlook, AUD surpassed expectations by rising towards 0.6820 instead of consolidating within the predicted range of 0.6760/0.6810. Despite the upward movement, the momentum did not experience a significant boost. The forecast for the day suggests that AUD may trade between 0.6775 and 0.6820.
Looking ahead to the next 1-3 weeks, the lack of momentum continuation indicates that the resistance at 0.6870 may not be reached anytime soon. A break below 0.6730 would confirm this scenario, as the level serves as a strong support for the AUD.
Analysis: The forecast for the Australian Dollar (AUD) suggests a trading range between 0.6775 and 0.6820, with potential resistance at 0.6870. Traders and investors should keep an eye on the support level at 0.6730, as a breach could signify a shift in the currency’s momentum. It is essential to monitor these levels to make informed decisions regarding AUD-related investments.