Further rangebound seen in AUD/USD – UOB

The research team at UOB Group believes the Aussie dollar could extend its consolidative pattern between 0.7150 and 0.7350 in the next weeks.

Key Quotes

“In line with expectation, AUD rebounded to test the 0.7260 resistance (exact high of 0.7260) before easing off quickly. Indicators are mostly neutral now and this pair is expected to trade sideways from here”.

“There is not much to add as AUD traded mostly sideways last Friday. The outlook is still viewed as neutral but we are shading the expected sideway trading range lower to 0.7150/0.7350 (from 0.7200/0.7400 previously)”.