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AUD/USD is expected to navigate between 0.7030 and 0.7185 in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Last Friday, we highlighted that AUD ‘could edge upward to 0.7150 first before a pullback can be expected’. We added, ‘the next resistance at 0.7185 is not expected to come under threat’. Our view was not wrong as AUD rose to a high of 0.7158, dropped to 0.7102 before rebounding to close slightly higher at 0.7134 (+0.27%). Indicators are showing ‘mixed’ signal and for today, AUD is likely to trade between 0.7100 and 0.7160.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Thursday (22 Oct, spot at0.7110). As highlighted, the current movement in AUD is viewed as the early stages of a consolidation phase and AUD could trade between 0.7030 and 0.7185 for now. While AUD could test 0.7185 first, the current lackluster momentum suggests that a sustained advance above this level is unlikely.”