AUD/USD has moved into a consolidative phase – UOB

In the opinion of Economist Lee Sue Ann and Market Strategist Quek Ser Leang at UOB Group, AUD/USD is seen trading within the 0.6600-0.6760 range in the near term.

Key Quotes

24-hour view: “Yesterday, we held the view that ‘the sharp rebound in AUD could extend but any advance is not expected to break above 0.6710’. We noted, ‘there is another resistance at 0.6680’. AUD rebounded to 0.6680 before easing off to end the day at 0.6654 (+0.17%). The price actions are likely part of a consolidation phase and today, we expect AUD to trade in a range of 0.6620/0.6690.”

Next 1-3 weeks: “Yesterday, we held the view that ‘the sharp rebound in AUD could extend but any advance is not expected to break above 0.6710’. We noted, ‘there is another resistance at 0.6680’. AUD rebounded to 0.6680 before easing off to end the day at 0.6654 (+0.17%). The price actions are likely part of a consolidation phase and today, we expect AUD to trade in a range of 0.6620/0.6690.”