AUD/USD still rangebound, likely between 0.7350/0.7550 – UOB

The Aussie dollar is expected to keep the sideline theme between 0.7350 and 0.7550 in the next 1-3 weeks.

Key Quotes

“The anticipated recovery was stronger than expected as AUD moved above the 0.7460 resistance but the up-move was checked by the major 0.7500 resistance. From here, a move above 0.7500 is not ruled out but a move beyond the next resistance at 0.7530 seems unlikely”.

“While shorter-term momentum has improved with up-move over the past few days, it is too early to expect a sustained rally. The current movement is still viewed as part of a neutral consolidation range albeit at a higher 0.7350/0.0.7550 range instead of the 0.7300/0.7500 expected previously”.