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The Aussie continues to put pressure on the US dollar. What is the technical outlook in the near-term?

Here is their view, courtesy of eFXdata:

UOB Research discusses AUD/USD technical outlook and  adopts a neutral bias in the near-term.

AUD has moved into a consolidation phase and is likely to trade between 0.7050 and 0.7250. In our latest narrative for AUD from last Thursday (06 Aug, spot at 0.7105), we held the view that “the outlook for AUD is mildly positive and that the major resistance at 0.7300 is likely out of reach”,’ UOB notes.

“AUD subsequently eked out a fresh high of 0.7242 on Friday before dropping sharply. The mild upward pressure has more or less dissipated and from here, AUD is deemed to have moved into a consolidation phase.  For the next couple of weeks, AUD is expected to trade between 0.7050 and 0.7250,” UOB adds.

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