AUD/USD keeps the range intact near-term – UOB

According to the FX Research team at UOB Group, AUD/USD’s outlook remains on the neutral side for the next weeks.

Key Quotes

“AUD spiked to a high of 0.7708 earlier this morning but eased off quickly. The outlook for this pair is mixed and further range trading seems likely. That said, a clear break above 0.7705/10 could lead to a quick pop higher to test the strong 0.7735 resistance. Support is at 0.7650 followed by the stronger level of 0.7625 which is unlikely to come into picture for today”.

“There is no change to the current neutral outlook for AUD. However, the near-term bias is tilted to the upside even though strong resistances are stacked closely together (at 0.7735, 0.7760). AUD has to break clearly above these levels to indicate a ‘break-out’. In the meanwhile, further sideway trading is expected between 0.7540 and 0.7705”.

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