The outlook on AUD/USD has turned neutral and further consolidation between 0.7300 and 0.7510 is expected in the near term, suggested FX Strategists at UOB Group.
“The bearish phase that started last Monday ended when AUD moved above the stop-loss at 0.7430 yesterday (high of 0.7446)”.
“The current movement is viewed as the early stages of a consolidation phase and we expect this pair to trade sideways for now, likely within a 0.7300/0.7510 range”.
“Looking further ahead, only a clear break below 0.7300 would indicate that the bearish phase has resumed”.