AUD/USD further consolidation ahead? – UOB

In view of the research team at UOB Group, the Aussie dollar could face a period of rangebound pattern in the next 1-3 weeks.

Key Quotes

“Instead of extending lower, AUD rebounded to a high of 0.7411 and the recent downward pressure has eased. The current movement is viewed as part of a consolidation phase and range trading is expected for today, likely between 0.7350 and 0.7410”.

“The bullish phase that started middle of last week was short-lived and AUD dropped below the key 0.7365 support. The outlook for this pair has shifted to neutral and the current movement is likely the start of a consolidation phase that may last for a week or so”.