Non-directional price movements for now; AUD is likely to trade between 0.6475 and 0.6540. In the longer run, AUD appears to have moved into a range-trading phase between 0.6430 and 0.6550, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Non-directional price movements for now
24-HOUR VIEW: “AUD traded in a range of 0.6470/0.6537 yesterday, closing at 0.6510, up 0.59%. The contracting moving average envelope suggests non-directional price movements for now. Today, AUD is likely to trade within the envelope boundaries, expected to be between 0.6475 and 0.6540.”
1-3 WEEKS VIEW: “Our most recent narrative was from last Friday (13 Jun, spot at 0.6495), wherein ‘the current price movements are likely the early stages of a range-trading phase between 0.6430 and 0.6550 for the time being.’ We continue to hold the same view.”
