AUD/USD now points to further consolidation – UOB – by pabspiovano AUDUSD Currencies Majors Banks
is now likely to navigate within the 0.6630-0.6780 range in the next few weeks.24-hour view: “Yesterday, we highlighted that ‘while upward momentum has not improved much, AUD could retest the 0.6820 level before a more sustained pullback is likely’. However, instead of retesting 0.6820, AUD plunged by 1.13% , its biggest 1-day drop since early March. Not surprisingly, the outsized drop is oversold. That said, the weakness has not stabilized and barring a break above 0.
Next 1-3 weeks: “We have held a positive AUD view since last Wednesday, 03 May . After AUD rose to 0.6818 and pulled back, we highlighted yesterday that ‘while thefor AUD is still positive, it remains to be seen if it has enough momentum to advance to the next objective of 0.6860’. We did not expect the sharp reversal as AUD plummeted below our ‘strong support’ level of 0.6720 in NY trade . The breach of 0.6720 indicates that AUD strength has ended.
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