AUD/USD still neutral, likely to sideline between 0.7300/0.7500 – UOB

According to FX Strategists at UOB Group, AUD/USD keeps its rangebound trade unchanged in the near term, likely between 0.7300 and 0.7600.

Key Quotes

“The target indicated at 0.7355/60 yesterday was not met as AUD rebounded strongly after touching a low of 0.7369. A short-term low is likely in place and the current recovery could extend higher to 0.7460. From here, allow for a dip to 0.7395/00 but 0.7365 is expected to hold for a move to 0.7460”.

“There is no change to the current view wherein we expect AUD to continue to trade within a 0.7300/0.7500 range. Only a clear break out of this range would indicate the start of a sustained directional move”.