In opinion of the research team at UOB Group, the Aussie dollar could face further consolidation in the next 1-3 weeks. Key Quotes “In recent updates, we were of the view that the pull-back from the high of 0.7681 has scope to extend lower to test the major 0.7410/15 support”. “The strong rebound yesterday suggests that the odds for further AUD weakness have diminished”. “That said, the current movement is likely part of a broader consolidation phase and not a resumption of the longer-term bullish trend. In other words, we expect sideway trading from here, likely between 0.7450 and 0.7650. For more information, read our latest forex news.