AUD/USD rangebound between 0.7440-0.7600 – UOB

In view of analysts at UOB Group, AUD/USD is likely to keep the consolidative theme between 0.7440 and 0.7600 in the near term.

Key Quotes

“The target indicated at 0.7565/70 yesterday was not met as AUD dropped rapidly after touching a high of 0.7550. The undertone is still positive and another attempt towards 0.7565/70 seems likely even though a clear break above this level is not expected for now”.

“AUD traded in a volatile manner yesterday by surging to a high of 0.7568 before dropping to a low of 0.7420. The subsequent swing higher has resulted in a mixed outlook and we continue to hold a neutral view. Further choppy trading is expected, likely within a 0.7440/0.7600 range”.