AUD/USD keeps the neutral stance between 0.7600/0.7730 – UOB

AUD/USD is expected to stay within the 0.76/0.7730 range in the near term, suggested FX Strategists at UOB Group.

Key Quotes

“The solid support indicated at 0.7630 yesterday was unthreatened as AUD rebounded after hitting a low of 0.7640. Despite the rebound, it is too soon to expect a sustained recovery. AUD is more likely to trade sideways at these lower levels, likely within a 0.7630/0.7685 range”.

“There is not much to add as we continue to view the current movement as part of a 0.7600/0.7730 consolidation phase even though the immediate bias is for a probe lower towards the low end of the expected 0.7600/0.7730 range. Looking further ahead, as long as there is no sustained drop below 0.7600, we expect the current consolidation to be resolved to the upside”.