FXStreet reports that FX Strategists at UOB Group said that AUD/USD is expected to trade within the 0.7130-0.7305 range in the next weeks.

24-hour view: “We highlighted yesterday that ‘the underlying tone has softened somewhat and this could lead to AUD edging downwards towards the bottom of the expected range of 0.7240/0.7305’. We added, ‘a sustained decline below 0.7240 is unlikely’. The subsequent weakness in AUD exceeded our expectation as it dropped to a low of 0.7224 before closing on a soft not at 0.7233 (-0.65%). Downward momentum has improved, albeit not by all that much. From here, AUD could grind lower towards 0.7200. A dip below this level is not ruled out but the next support at 0.7170 is not expected to come into the picture. Resistance is at 0.7260 followed by 0.7285.”