AUD/USD keeps the consolidation well in place so far – UOB

The Aussie dollar is seen maintaining the rangebound theme unchanged vs. the greenback in the short-term horizon, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD edged to a high of 0.6950 last Friday before settling on a firm note at 0.6945 (+0.27%). Upward momentum has picked up, albeit not by much. From here, AUD could grind higher but a break of 0.6970 is unlikely. Support is at 0.6925 followed by 0.6910.”

Next 1-3 weeks: “We have held the same view since last Tuesday (23 Jun, spot at 0.6920) wherein AUD is expected to consolidate and trade between 0.6800 and 0.7010. The price actions since then were in line with our expectation. At this stage, there are no further clues and AUD could continue to trade sideways for a while more.”