In opinion of FX Strategists at UOB Group, AUD/USD is now forecast to navigate between 0.7680 and 0.7830 in the next weeks.
Key Quotes
24-hour view: “AUD rose to 0.7788 last Friday before easing off. Despite the relatively strong advance, upward momentum has not improved by much. AUD is unlikely to advance much further. For today, AUD is more likely to trade between 0.7730 and 0.7790.”
Next 1-3 weeks: “AUD dropped sharply to 0.7688 last Thursday (13 May) before rebounding strongly on Friday. The sharp but short-lived swings have resulted in a mixed outlook and AUD is likely to trade within a broad 0.7680/0.7830 range for now.”