In opinion of the research team at UOB Group, the Aussie dollar could face further consolidation in the next 1-3 weeks.
Key Quotes
“In recent updates, we were of the view that the pull-back from the high of 0.7681 has scope to extend lower to test the major 0.7410/15 support”.
“The strong rebound yesterday suggests that the odds for further AUD weakness have diminished”.
“That said, the current movement is likely part of a broader consolidation phase and not a resumption of the longer-term bullish trend. In other words, we expect sideway trading from here, likely between 0.7450 and 0.7650.
(Market News Provided by FXstreet)
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