AUD/USD seen extending its sideline theme – UOB

According to analysts at UOB Group, the Aussie dollar could prolong its consolidative scheme in the next weeks, keeping its neutral stance unchanged.

Key Quotes

“AUD rebounded without testing the recent low near 0.7145. The up-move from the low of 0.7162 appears to have scope to extend higher but a sustained move beyond the strong 0.7260 resistance is not expected, at least not for today”.

“AUD traded in tight ranges over the last several days and at this stage, we continue to hold a neutral view. On a shorterterm note, the current movement appears to be the early stages of a basing process but a sustained rebound is likely only upon a clear break above 0.7285”.