AUD/USD: Range trading persists despite soft bias – UOB

United Overseas Bank (UOB) Strategists Quek Ser Leang and Lee Sue Ann expect AUD/USD to stay confined intraday between 0.7130 and 0.7180 after a quieter-than-expected session. Over 1–3 weeks, they continue to frame price action as part of a 0.7060–0.7210 range. On a 1–3 month view, the overall technical picture still points lower, with a break of 0.6850/0.6870 opening 0.6765.

Short term consolidation within broader downtrend

"24-HOUR VIEW: We indicated yesterday that AUD “is likely to trade between 0.7125 and 0.7175.” However, AUD traded within a narrower range than expected (0.7147/0.7176). The price action provides no fresh clues, and today, we expect AUD to trade between 0.7130 and 0.7180."

"1-3 WEEKS VIEW: In our most recent narrative from Monday (20 Apr, spot at 0.7130), we highlighted that “the current price movements are likely part of a range-trading phase between 0.7060 and 0.7210.” AUD traded in a relatively quiet manner since then, and we continue to hold the same view."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)