AUD/USD seen within 0.7740-0.7900 near-term – UOB

AUD/USD is predicted to keep the side-line theme unchanged between 0.7740 and 0.7900 in the short-term, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for AUD to ‘test 0.7860 first before a pullback can be expected’ did not materialize as it eased off after touching 0.7839. The underlying tone has weakened and while AUD could dip below 0.7740, it may not be able to maintain a foothold below this level. Next support is at 0.7720. Resistance is at 0.7800 followed by 0.7825.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (03 Mar, spot at 0.7830). As highlighted, AUD is likely to trade between 0.7740 and 0.7900 for now. While shorter-term downward momentum has improved a tad, AUD has close below 0.7720 before a break of last week’s low near 0.7695 can be expected. The prospect for such a move is not high for now.”