AUD/USD neutral near term, in a 0.7750/0.7710 range – UOB

The research team at UOB Group remains neutral on AUD/USD, expecting further consolidation between 0.7710 and 0.7750.

Key Quotes

“The anticipated dip in AUD did not quite reach the support indicated at 0.7575/80 yesterday (low of 0.7593). The underlying tone still appears to be on the weak side and another attempt to move towards 0.7575/80 seems likely. That said, a clear break below this level is not expected”.

“The recent build-up in upward momentum fizzled out quickly and the odds for a clear break above the major 0.7710 resistance have diminished considerably. AUD has likely slipped back into a consolidation phase and this pair is expected to trade sideways for now, likely within a 0.7750/0.7710 range”.