In opinion of FX Strategists at UOB Group Quek Ser Leang and Lee Sue Ann, AUD/USD is now seen within the 0.7420-0.7600 range for the time being.

Key Quotes

24-hour view: “We highlighted yesterday that AUD ‘could dip to 0.7470 before the risk of a rebound would increase’. AUD subsequently dipped to 0.7467 before closing at 0.7479 (-0.41%). While downward momentum has eased, AUD does not appear to be ready for a rebound just yet. For today, AUD is more likely to trade sideways at these lower levels, expected to be within a range of 0.7460/0.7515.”

Next 1-3 weeks: “There is no change in our view from yesterday (07 Apr, spot at 0.7510). As highlighted, AUD does not appear to be ready to move above the post-RBA high of 0.7660 just yet. For now, AUD is likely to trade between 0.7420 and 0.7600.”