AUD/USD: Further rangebound appears on the cards – UOB

AUD/USD is likely to navigate within the 0.7645-0.7820 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for AUD to ‘test 0.7820 first before easing’ did not materialize as it traded between 0.7725 and 0.7801. Momentum indicators are mostly neutral and AUD is likely to trade sideways. Expected range for today, 0.7725/0.7795.”

Next 1-3 weeks: “We continue to hold the same view as highlighted last Thursday (11 Mar, spot at 0.7740). As indicated, the current movement is viewed as a consolidation phase and AUD is likely to trade within a 0.7645/0.7820 range. That said, shorter-term momentum has improved somewhat and AUD could edge above 0.7820 but only a clear break of 0.7860 would indicate that AUD is ready to move higher on a sustained basis.”