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AUD/USD rangebound between 0.76/0.7730 – UOB

FX Strategists at UOB Group remain neutral on the Aussie Dollar, expecting it to trade within a sideline theme likely between 0.7600 and 0.7730 in the next weeks.

Key Quotes

24-hour view: “The sharp decline in AUD last Friday was unexpected. There is no sign of stabilization and from here, a dip below the strong 0.7630 support would not be surprising. That said, the next support at 0.7600 is unlikely to come under serious threat. Resistance is at 0.7670 but the stronger level is closer to 0.7695”.

Next 1-3 weeks: “We shifted from a bearish to neutral stance last Friday and there is no change to the view. That said, the sharp and rapid pull-back was unexpected. For now, we continue to expect range trading albeit likely at a lower range of 0.7600/0.7730 (instead of 0.7630/0.7770 expected previously). Looking further out, only a daily closing below 0.7600 would suggest that AUD has re-entered a bearish phase”.

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