Australian Dollar: Neutral outlook inside tight range against US Dollar – UOB
UOB strategists Quek Ser Leang and Lee Sue Ann note AUD/USD slipped to 0.6943 after previously expecting modest upside, but the move has not generated strong bearish momentum. Intraday, the Australian Dollar (AUD) is seen consolidating between 0.6935 and 0.6975. On a one to three week view, they have shifted to a neutral stance, looking for range trading between 0.6935 and 0.7020 despite…
UOB strategists Quek Ser Leang and Lee Sue Ann have adjusted their outlook on the Australian Dollar against the US Dollar. Previously expecting modest upside, AUD/USD has slipped to 0.6943. Currently, the Australian Dollar is anticipated to remain within a tight range of 0.6935 and 0.6975, as analysts shift to a neutral stance. Over the next 1-3 weeks, they foresee AUD trading between 0.6935 and 0.7020, despite lingering downside risks.
Despite the recent decline, there is no evident uptick in downward momentum, suggesting a sustained decline in AUD is improbable.
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