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6 Feb 2015
AUD/USD to range-trade – UOB Group
FXStreet (Barcelona) - Analysts at UOB Group note that AUD/USD might continue to trade in the 0.7700 – 0.7930 range in the shorter-term, with any sustained up-move unlikely.
Key Quotes
“AUD touched a high of 0.7860 earlier this morning after the release of RBA’s Monetary Policy Statement.”
“The quick pull-back from the high suggests that a sustained up-move is unlikely.”
“We continue to hold a neutral view for this pair and expect range trading between 0.7700 and 0.7930 for the next one week or so.”
“Only a break above 0.7930 would indicate that AUD has found a mid-term bottom at the recent low of 0.7627.”
Key Quotes
“AUD touched a high of 0.7860 earlier this morning after the release of RBA’s Monetary Policy Statement.”
“The quick pull-back from the high suggests that a sustained up-move is unlikely.”
“We continue to hold a neutral view for this pair and expect range trading between 0.7700 and 0.7930 for the next one week or so.”
“Only a break above 0.7930 would indicate that AUD has found a mid-term bottom at the recent low of 0.7627.”