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In opinion of FX Strategists at UOB Group, AUD/USD is forecasted to keep the trade between 0.7080 and 0.7230 in the next weeks.

Key Quotes

24-hour view: “AUD closed sharply lower yesterday (-0.69%, 0.7161). While oversold, the weakness is not showing sign of stabilizing just yet. In other words, further AUD weakness would not be surprising but oversold conditions suggest that a sustained decline below 0.7130 is unlikely (next support is at 0.7100). Resistance is at 0.7185 followed by 0.7210.”

Next 1-3 weeks: “While AUD closed on a firm note last Friday (09 Oct), it gave up most of its gains as it plummeted by -0.69% (0.7161) yesterday (13 Oct). The sharp but short-lived swings have resulted in a mixed outlook. From here, AUD could trade in an ‘undecided’ manner and within a relatively broad range of 0.7080 and 0.7230 for a while more.”