AUD/USD keeps the rangebound unchanged – UOB

AUD/USD is expected to extend its sideline theme in the near term, according to FX Strategists at UOB Group.

Key Quotes

“Against our expectation, AUD edged above the strong 0.7495/00 resistance to touch a high of 0.7504. While upward momentum has improved considerably, the current AUD strength is not expected to move beyond the major level of 0.7550”.

“While shorter-term upward momentum has improved somewhat, a sustained move above the major 0.7550 resistance still seems unlikely for now. That said, the undertone is generally positive if AUD could continue to hold at these higher levels and the upward momentum would continue to increase. On the downside, 0.7400 acting as a solid support”.