Further rangebound likely in AUD/USD – UOB

In opinion of FX Strategists at UOB Group, AUD/USD is now seen trading between 0.7700 and 0.7780 in the next weeks.

Key Quotes

24-hour view: “AUD traded within a tight range of 32 pips (0.7732/0.7764) yesterday, its smallest 1-day range since early Feb. The price actions offer no clues and further quiet trading would not be surprising. Expected range for today, 0.7725/0.7765.”

Next 1-3 weeks: “After falling sharply to 0.7646 last Thursday, AUD rebounded sharply on Friday and subsequently traded in a muted manner the past couple of days. The price actions have resulted in a mixed outlook and AUD could trade between 0.7700 and 0.7780 for now. At this stage, there is no early indication on which side of the range is more ‘vulnerable’.”