AUD/USD neutral in the near term – UOB

AUD/USD is seen within a 0.7950/0.8020 range in the next 1-3 weeks, noted FX Strategists at UOB Group.

Key Quotes

“AUD traded in a range of 0.7936/0.8008 last Friday, relatively close to our expected 0.7940/0.8020 consolidation range. The outlook remains mixed and further range trading is expected, likely between 0.7950 and 0.8020”.

“AUD dipped below the strong 0.7940 support last Friday (low of 0.7936) and the recent positive undertone has eased. While the outlook for AUD is still deemed as neutral, it is more likely to trade sideways between 0.7870 and 0.8050 for now (low odds for a shift to bullish phase again by closing above 0.8050)”.