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AUD/USD expected to keep the side-lined trading – UOB

AUD/USD is seen within a 0.5650-0.6250 range in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted last Friday that AUD “could move to 0.6150” and added; “prospect for a move above 0.6200 is not high”. AUD subsequent rose to 0.6200 before easing off. The rapid rise is moving ahead of itself and further sustained AUD strength is unlikely for today. AUD is more likely to take a breather from its recent rally and trade between 0.6040 and 0.6190.”

Next 1-3 weeks: “There is not much to add to the update from Wednesday (25 Mar, spot at 0.5960). As highlighted, AUD is likely to ‘chop around’ around within a broad range for now, likely between 0.5650 and 0.6250. Only a clear above 0.6250 would indicate that last week’s 0.5510 low is more significant bottom than expected currently.”

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