AUD/USD moved into a consolidative phase – UOB

FX Strategists at UOB Group noted the Aussie Dollar is now navigating within a consolidative fashion.

Key Quotes

24-hour view: “AUD traded between 0.6967 and 0.6994, narrower than our expected 0.6965/0.7005 range. The underlying tone has weakened somewhat and from here, AUD could drift lower but sustained decline below last Friday’s 0.6958 low is not expected (next support is at 0.6940). On the upside, 0.7005 is expected to be strong enough to cap any intraday AUD strength (minor resistance is at 0.6990)”.

Next 1-3 weeks: “AUD traded in a quiet manner and there is not much to add to the update from yesterday (08 Jul, 0.6985). As highlighted, AUD has likely moved back into a ‘sideway-trading phase’ and is expected to trade between 0.6920 and 0.7030 for now”.