Australian Dollar (AUD) is likely to trade in a range between 0.6475 and 0.6510. In the longer run, for the time being, AUD is expected to trade in a sideways range of 0.6445/0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUD/USD is likely to trade in a range
24-HOUR VIEW: “We expected AUD to ‘trade in a range between 0.6470 and 0.6515’ yesterday. Our view of range-trading was not wrong, even though AUD traded in a narrower range than expected (0.6479/0.6512) before closing marginally higher by 0.01% at 0.6489. The price movements still appear to be part of a range-trading phase, expected to be between 0.6475 and 0.6510.”
1-3 WEEKS VIEW: “Our update from two days ago (21 Oct, spot at 0.6515) still stands. As highlighted, ‘for the time being, we expect AUD to trade in a sideways range of 0.6445/0.6555’.”
