AUD/USD keeps the rangebound trade unchanged – UOB

AUD/USD is seen navigating within the 0.7640-0.7820 range in the short-term horizon, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our view that ‘there is still chance for AUD to test 0.7790’ was wrong as it dropped sharply to 0.7702 (high has been 0.7770). While oversold conditions suggest that further sustained AUD weakness is unlikely, it is too early to expect a recovery. From here, AUD is more likely to consolidate and trade between 0.7700 and 0.7760.”

Next 1-3 weeks: “As highlighted, AUD has moved into a consolidation phase and is likely to trade between 0.7640 and 0.7820.”