AUD/USD still neutral, in a 0.7595-0.7760 range – UOB

The research team at UOB Group expects the Aussie dollar to keep its neutral stance in the next weeks vs. the greenback, likely between 0.7595 and 0.7760.

Key Quotes

“AUD spiked to a high of 0.7750 but the up-move was quickly reversed. The subsequent rapid drop to a low of 0.7670 has resulted in a mixed outlook and this pair is expected to trade choppily for today”.

“AUD moved above the strong 0.7725 resistance yesterday with a high of 0.7750. However, the up-move was shortlived and the rapid and sharp pull-back from the top reinforces our current neutral view on this pair”.

“That said, the increased volatility suggests a wider consolidation range of 0.7595/0.7760 instead of the 0.7595/0.7725 expected previously”.