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Aug 22 - 11:00 AM
AUD/USD: In A 100-Pips Range For More Than 2 Weeks; Needs To Break Range For Direction - UOB
First appeared on eFXplus on Aug 22 - 09:01 AM

UOB Research discusses AUD/USD technical outlook and maintains a tactical neutral bias.

"AUD is expected to trade sideways. AUD spent another day ‘going nowhere’ as it traded in a tight range before closing marginally higher at 0.6781 (+0.04%).

The protracted consolidation phase (AUD has traded sideways within a 100 pips range for more than 2 weeks now) has resulted in ‘neutral’ momentum indicators and the prospect for a sustained recovery is not high," UOB notes. 

"In other words, unless AUD register a daily closing out of the expected 0.6730/0.6845 range, it could continue to trade sideways for a while more," UOB adds. 

Source:
UOB Research/Market Commentary

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