AUD/USD still rangebound near term – UOB

According to analysts at UOB Group, the outlook on AUD/USD remains tilted towards the consolidative range in the next weeks.

Key Quotes

“AUD traded choppily yesterday by initially surging to a high of 0.7723 before swinging back down to 0.7661 during NY hours. The choppy movement has resulted in a mixed outlook and this pair is expected to trade sideways for now”.

“There is no change to our current neutral view as AUD traded choppily over the last few days. The outlook from here is still mixed and we continue to expect to see broad sideway trading between 0.7595 and 0.7760. That said, the short-term bias is tilted to the downside and it is likely that we would see a move to 0.7595 first even though a sustained move below this level is not expected”.