AUD/USD: Overdone rally shifts into range phase – UOB

UOB strategists Quek Ser Leang and Lee Sue Ann report that AUD/USD’s sharp advance has stalled below 0.7100, with price action now seen as part of a consolidation band between 0.7000 and 0.7080. Over the coming weeks they still allow for a test of 0.7135, provided the pair holds above 0.6970, even as the broader 1–3 month technical picture continues to point to a lower AUD/USD.

Short term consolidation after sharp gains

“The current price movements are likely part of a range-trading phase. Today, we expect AUD to trade between 0.7000 and 0.7080.”

“We indicated the following yesterday (08 Apr, spot at 0.7075) “While the sharp rally after NY close suggests AUD could continue to rise, the rapid advance appears overdone. That said, there is room for AUD to test 0.7135. To keep the momentum going, AUD must hold above 0.6970. Near-term 0.7000 is already a firm support”. We continue to hold the same view.”

“The overall technical picture points to a lower AUD/USD; a breach of the 0.6850/0.6870 support zone could trigger a decline toward 0.6765. (dated 27 Mar 2026, 0.6885).”

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)