Australian Dollar: Neutral after sharp rebound from lows against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that AUD/USD briefly dipped to 0.6954 before rebounding strongly to 0.7022 as risk appetite improved and the US Dollar softened. They see the intraday move as overdone, expecting a 0.6985–0.7025 range, and have shifted to a neutral one-to-three-week stance, looking for consolidation between 0.6970 and 0.7040 after the prior downside break failed.