AUD/USD Forecast: Range trading set to continue near-term

The AUD/USD pair posted a modest weekly advance, ending it in the 0.7740 price zone. The pair recovered on Friday alongside Wall Street, but despite the greenback’s broad weakness, remained within familiar levels and upbeat Australian data. On Friday, the country published the preliminary estimates of April Commonwealth Bank PMIs, with the manufacturing index printing at 59.6 and the services PMI hitting 58.6. Metals prices were down for a second consecutive day, somehow putting a cap to AUD/USD. Australian and New Zealand celebrate ANZAC day this Monday, which means they won’t release macroeconomic data. AUD/USD … (full story)

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