The AUD/USD pair is expected to trade in a sideways range of 0.6715/0.6770 over the next three hours. Here's a detailed analysis to support this prediction:
- Short-Term Forecast: The AUD/USD is likely to trade in a sideways range of 0.6715/0.6770, as indicated by the UOB Group's FXStreet Insights Team. This range reflects the current market sentiment and technical indicators.
- Technical Analysis: The price action is likely part of a sideways trading phase, with the 3-hour forecast showing a consolidation range above the support level of 0.6700. This suggests a lack of strong momentum in either direction.
- Support and Resistance Levels: The support level at 0.6700 is crucial, as a clear break below this level could suggest further decline to 0.6670. Conversely, resistance above 0.6770 could limit the upside potential.
- Market Sentiment: The bias for AUD remains on the downside, indicating a potential for further decline if the support level is breached. However, the recent rebound after the US inflation data suggests some resilience in the pair.
- Influence of External Factors: The US inflation data and jobless claims have influenced the pair, with higher-than-expected inflation and a soft jobs report leading to a rebound in the AUD/USD. This suggests that upcoming US economic data will continue to impact the pair.
- Recent Performance: The AUD/USD has shown volatility, with a recent rebound after a five-day losing streak. This volatility suggests that the pair could experience further fluctuations in the short term.
In conclusion, the AUD/USD is likely to continue its sideways movement in the near term, with limited momentum to break out of the current range. Investors should focus on the 0.6715/0.6770 range and monitor the pair for trading opportunities within this context. The broader economic indicators, such as US inflation and job data, will remain important in shaping the pair's future direction.
10/11/2024 04:10pm
