AUD/USD keeps the rangebound theme unchanged – UOB

According to FX Strategists at UOB Group, AUD/USD is still seen meandering the 0.7210/0.7320 range in the next weeks.

Key Quotes

24-hour view: “Yesterday, we expected AUD to ‘consolidate and trade between 0.7250 and 0.7300’. Our view was not wrong as AUD subsequently traded between 0.7250 and 0.7301 before closing largely unchanged at 0.7291. Momentum indicators are mostly neutral and AUD could continue to consolidate, likely between 0.7245 and 0.7295.”  

Next 1-3 weeks: “Our update from Monday (04 Oct, spot at 0.7275) still stands. As highlighted, AUD has likely moved into a consolidation phase and is expected to trade between 0.7210 and 0.7320 for now.”