AUD/USD expected to keep the 0.7120/0.7300 range – UOB

In opinion of strategists at UOB Group, AUD/USD is seen navigating the broad 0.7120/0.7350 range for the next  1-3 weeks.

Key Quotes

“As noted yesterday, further sustained weakness in AUD is not expected. The current short-term AUD strength appears to have strength to extend above last week’s peak near 0.7250 but the next major resistance at 0.7300 is not expected to come into the picture, at least not for today. Support is at 0.7200 ahead of the stronger level near 0.7175”.

“The recent decline in AUD appears to have found a shortterm low last week. While the immediate bias is on the upside, the current movement is viewed as part of a broad 0.7120/0.7300 consolidation range and not the start of a bullish reversal”.