Forex
UOB Maintains Bearish Outlook for AUD/USD as Price Action Remains Range-Bound
United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann have maintained their bearish outlook for the Australian Dollar (AUD), despite some recent gains. They describe the AUD/USD price action as range-bound around 0.7115, with intraday expectations for 0.7095-0.7125.
The analysts had turned negative on the AUD early last week, targeting a price of 0.7050. However, they now concede that the probability of reaching that level has diminished considerably.
On a 1-3 month view, UOB sees scope for the Australian Dollar to continue rising toward its year-to-date high at 0.7277.