Analysts from UOB Group suggest that the Australian Dollar (AUD) is expected to continue trading within a range or possibly edge higher in the near term, with limited prospects of breaking above significant resistance levels.
In the short-term, the AUD has exhibited a sideways movement following a sharp increase on Friday. Yesterday, it traded between 0.6645 and 0.6689, closing at 0.6661, showing minimal directional momentum. Today, analysts anticipate the AUD to remain within the range of 0.6630 to 0.6685, reflecting ongoing consolidation without strong bullish or bearish signals.
Looking ahead over the next 1-3 weeks, UOB Group maintains a cautious outlook despite a slight upward momentum observed recently. As long as the AUD holds above 0.6610, analysts foresee a potential for slight upward movement. However, they emphasize that the likelihood of a clear breakthrough above the major resistance zone of 0.6705 to 0.6715 remains low at present.
Overall, the AUD continues to navigate key technical levels amidst broader market uncertainties, influenced by economic data releases and global market sentiment. Investors and traders are advised to monitor developments closely for potential shifts in the AUD’s trading range and sentiment.
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