AUD/USD faces further consolidation – UOB

In view of the research team at UOB Group, AUD/USD is poised to remain rangebound for the next weeks.

Key Quotes

“Despite the strong rebound from the low of 0.7305 last Friday, the undercurrent for this pair is still weak and the immediate pressure is still on the downside. Only a move back above 0.7530 would indicate stabilization, otherwise, another attempt lower to 0.7350, 0.7305 seems likely for today”.

“AUD registered a range of 345 pips last Friday, the largest single day range since November 2011. This has clearly resulted in a mixed outlook and we prefer to hold a neutral view and expect further volatile trading that should be contained by 0.7305/0.7650”.