AUD/USD keeps pointing to further consolidation – UOB

AUD/USD still forecast to trade within the 0.7645-0.7820 range in the short-term horizon, according to UOB Group’s FX Strategists.

Key Quotes
24-hour view: “We expected AUD to ‘trade sideways within a 0.7720/0.7780 range’ yesterday. AUD subsequently traded between 0.7711 and 0.7757. The underlying tone has weakened somewhat and AUD could edge lower to 0.7700. The next support at 0.7670 is not expected to come into the picture. Resistance is at 0.7760 followed by 0.7780.”

Next 1-3 weeks: “We continue to hold the same view as highlighted last Thursday (11 Mar, spot at 0.7740). As indicated, the current movement is viewed as a consolidation phase and AUD is likely to trade within a 0.7645/0.7820 range.”