AUD/USD keeps the neutral stance – UOB

The outlook on the Aussie dollar remains on the neutral side in the next 1-3 weeks, suggested analysts at UOB Group.

Key Quotes

“While the expectation for a temporary top to be in place was correct, the down-move from the high has been more resilient than expected. From here, the immediate pressure is still on the downside but a sustained move below the 0.7335 support appears unlikely”.

“The bullish phase that started middle of last week was short-lived and AUD dropped below the key 0.7365 support. The outlook for this pair has shifted to neutral and the current movement is likely the start of a consolidation phase that may last for a week or so. Expected range; 0.7260/0.7460”.