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AUD/USD is likely to trade within the 0.7680-0.7830 range for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected AUD to ‘trade between 0.7700 and 0.7770’ yesterday. However, AUD rose to 0.7782 before closing on a firm note at 0.7773 (+0.58%). While upward momentum has not improved by much, there is room for AUD to test 0.7800. For today, a breach of the major resistance at 0.7830 would come as a surprise. Support is at 0.7750 but only a break of 0.7730 would indicate that the current mild upward pressure has eased.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (20 May, spot at 0.7735). As indicated, AUD is still in a consolidation and is likely to trade within a broad 0.7680/0.7830 range for now.”

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