AUD/USD further rangebound likely – UOB

According to the research team at UOB Group, the Aussie dollar is seen extending its sideline pattern in the next weeks.

Key Quotes

“AUD traded in a tight range of less than 50 pips last Friday. Neutral indicators continue to suggest further range trading even though the bias is for a stronger rebound to test the 0.7260 resistance”.

“There is not much to add as AUD traded mostly sideways last Friday. The outlook is still viewed as neutral but we are shading the expected sideway trading range lower to 0.7150/0.7350 (from 0.7200/0.7400 previously)”.