AUD/USD: Downside pressure appears dissipated – UOB

In opinion of FX Strategists at UOB Group, AUD/USD is now forecast to trade within 0.7320 and 0.7450 in the next weeks.

Key Quotes

24-hour view: “Last Friday, we held the view that ‘there is room for AUD to test 0.7415’. Our expectation did not materialize as AUD traded sideways between 0.7357 and 0.7400. The current movement is viewed as part of an on-going consolidation and AUD is expected to trade within a 0.7340/0.7385 range.”

Next 1-3 weeks: “Our update from last Friday (23 Jul, spot at 0.7385 still stands). As highlighted, the recent downward pressure has dissipated and AUD could trade between 0.7320 and 0.7450 for period of time.”