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AUD/USD expected to trade sideways after brief rebound
UOB said AUD/USD closed at 0.6951 after briefly rising to 0.6976, with an expected range of 0.6930 to 0.6975.
United Overseas Bank strategist Quek Ser Leang said AUD/USD closed at 0.6951 after a brief spike to 0.6976. UOB expects the pair to trade in a sideways range between 0.6930 and 0.6975.
The strategist said recent weakness since mid-September remains intact, but further declines may struggle to reach 0.6866 given oversold conditions. He also highlighted a bearish EMA crossover on a one to three month horizon, with the July low at 0.6923 in focus.
FXStreet summarized UOB’s outlook that the rebound did not translate into stronger upward momentum, and that AUD is more likely to consolidate rather than extend its move. UOB noted the pair fell to a low of 0.6904 before rebounding, and later dipped to 0.6914 before the NY session pop.