AUD/USD Momentum Fades, Pair to Range 0.6890-0.6960 – UOB
UOB analysts report that AUD/USD's tentative upside momentum has faded, with the pair trading in a sideways band between 0.6920 and 0.6960 intraday. The 1-3 week outlook sees the currency pair fluctuating within a 0.6890 to 0.6960 range.
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Analysts at United Overseas Bank (UOB), Quek Ser Leang and Lee Sue Ann, observe that the Australian Dollar has lost its earlier upward drive against the US Dollar. The pair has been trading slightly higher than anticipated but remains confined to a narrow sideways corridor.
Intraday levels have been recorded between 0.6920 and 0.6960. The 1–3 week forecast now expects AUD/USD to oscillate within a band of 0.6890 to 0.6960, as the prior tentative bullish momentum has dissipated.
Source: FXStreet Forex News