AUD/USD rangebound between 0.7380 and 0.7480 – UOB

FX Strategists at UOB Group expects the Aussie Dollar to keep its neutral stance for the next weeks.

Key Quotes

“Instead of consolidating, AUD surged to hit an overnight high of 0.7470. The strong daily closing suggests further upward pressure and while a move above the strong 0.7480 resistance would not be surprising, the next resistance at 0.7500 is unlikely to come under serious threat”

“AUD is currently approaching the top end of our expected 0.7380/0.7480 consolidation range. Short-term momentum looks constructive but at this stage, it is too early to expect a sustained up-move. An intraday move above 0.7480 is not ruled out but for AUD to turn bullish, it has to close above last week’s high near 0.7515/20. In the meanwhile, the positive undertone is expected to improve further especially if AUD can hold above 0.7415 in the next few days”.