The US Dollar (USD) has shown signs of stabilizing after a period of weakness, with analysts at UOB Group noting that there is no clear directional bias. According to Quek Ser Leang and Lee Sue Ann, the USD could trade in a broad range of 146.00/152.00 in the near future.
In the short term, the USD may try to reach 149.50. The recent surge in USD during NY trading resulted in a closing price of 149.27, marking a 1.33% increase. Despite conditions being severely overbought, the USD could continue to rise above 149.50 before leveling off, with the next resistance at 150.00 unlikely to come under threat.
Looking at the 1-3 week view, analysts suggest that the recent stabilization in USD after breaking above 148.30 indicates a range trading phase. The current high volatility in the market could lead to USD trading in a broad range of 146.00/152.00, pointing towards a period of market indecision without a clear directional bias.
Overall, the USD has shown signs of stability after a period of weakness, with the potential to trade in a broad range in the near future. The recent surge in USD and breaking above key resistance levels indicates a range trading phase with high volatility, leading to a period of market indecision.
In conclusion, the USD has stabilized after a period of weakness, with analysts at UOB Group noting that there is no clear directional bias. Traders should be prepared for a range trading phase with potential trading opportunities between 146.00/152.00 in the near future. Despite the recent surge in USD, conditions remain overbought, indicating potential for further price movements in the coming weeks.
