AUD/USD on a 0.7480/0.7630 range – UOB

The Aussie Dollar remains poised to extend its sideline theme between 0.7480 and 0.7630 in the next 1-3 weeks.

Key Quotes

“AUD traded at higher range than anticipated and the positive undertone suggests that the immediate pressure is on the upside. That said, 0.7630 is a rather strong resistance and based on the current momentum, a sustained move above this levels seems unlikely”.

“The current movement in AUD is deemed as a sideway consolidation range, likely between 0.7480 and 0.7630. Looking further ahead, the consolidation phase is expected to be resolved to the upside but only a clear break above the major 0.7630 resistance would indicate the start of a sustained up-move”.