FXStreet reports that in opinion of FX Strategists at UOB Group, AUD/USD has now moved into a consolidative phase between 0.7640 and 0.7805.

Next 1-3 weeks: “We highlighted last Friday that ‘upward momentum has been dented’ and we added, AUD ‘has to move and stay above 0.7805 or odds for a move to 0.7840 would diminish’. While our ‘strong support’ level at 0.7700 is still intact, the weak price actions after opening this morning suggests that the positive phase in AUD that started earlier last week has run its course. For now, the current movement is viewed as part of a 0.7640/0.7805 range. Looking forward, a clear break of 0.7640 would indicate the start of a more sustained pull-back in AUD.”