AUD/USD: Likely to trade in a range between 0.6545 and 0.6595 – UOB Group

Australian Dollar (AUD) is most likely to trade in a range between 0.6545 and 0.6595 against US Dollar (USD). In the longer run, current price movements are likely part of a range trading phase; firm underlying tone suggests AUD could trade in a higher range of 0.6515/0.6615, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a range trading phase

24-HOUR VIEW: "We expected AUD to 'trade in a range between 0.6535 and 0.6595' last Friday. However, AUD traded in a much narrower range than expected (0.6557/0.6595), closing modestly lower at 0.6574 (-0.22%). The price movements are likely part of a range trading phase. Today, we expect AUD to trade between 0.6545 and 0.6595."

1-3 WEEKS VIEW: "Last Friday (11 Jul, spot at 0.6565), we pointed out that 'while the current price movements are likely part of a range trading phase, the firm underlying tone suggests AUD could trade in a higher range of 0.6515/0.6415 from here.' There is no change in our view."