AUD/USD further choppiness expected – UOB

The research team at UOB Group sees further choppy trade around the Aussie dollar in the next 1-3 weeks.

Key Quotes

“AUD expanded its range by spiking to a high of 0.7568 yesterday morning before dropping to a low of 0.7420 after FOMC’s statement. The subsequent rapid up-move from the low appears to have enough momentum to extend higher to test the 0.7565/70 resistance again”.

“AUD traded in a volatile manner yesterday by surging to a high of 0.7568 before dropping to a low of 0.7420. The subsequent swing higher has resulted in a mixed outlook and we continue to hold a neutral view. Further choppy trading is expected, likely within a 0.7440/0.7600 range”.