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In opinion of FX Strategists at UOB Group, AUD/USD is now expected to trade between 0.7640 and 0.7820 in the next weeks.

Key Quotes

24-hour view: “Our expectation for AUD to ‘test 0.7790’ did not materialize as it traded between 0.7742 and 0.7785. The underlying tone still appears to be positive and there is chance for AUD to test 0.7790. The major resistance at 0.7820 is not expected to come into the picture. Support is at 0.7740 followed by 0.7720.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (21 Jan, spot at 0.7755). As highlighted, AUD has moved into a consolidation phase and is likely to trade between 0.7640 and 0.7820.”