AUD/USD still locked within the 0.7680-0.7830 range – UOB

AUD/USD is expected to keep the 0.7680-0.7830 trading range unchanged for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for AUD to ‘dip below 0.7700’ did not materialize as it traded in a quiet manner between 0.7723 and 0.7757 before closing little changed at 0.7745 (+0.04%). Momentum indicators are mostly neutral and AUD is likely to continue to trade sideways. Expected range for today, 0.7720/0.7770.”

Next 1-3 weeks: “We have held the same view since early last week wherein AUD ‘is still in a consolidation and is likely to trade within a broad 0.7680/0.7830 range’. There is no change in our view even though shorter-term downward momentum is beginning to improve and the chance for a break of 0.7680 has increased.”