Further rangebound seen in AUD/USD – UOB

AUD/USD could now trade within the 0.7320-0.7450 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for ‘the rebound in AUD to extend to 0.7415’ did not materialize as it traded between within a 0.7338/0.7390 range. The price actions are viewed as part of a consolidation. For today, AUD is likely to trade sideways between 0.7340 and 0.7390.”

Next 1-3 weeks: “Our view from last Friday (23 Jul, spot at 0.7385) still stands. As highlighted, AUD could trade between 0.7320 and 0.7450 for period of time. Looking ahead, the downside risk appears to be greater but AUD has to break below last week’s low at 0.7290 before a sustained decline can be expected.”