According to UOB Group strategists, the Australian Dollar (AUD) is expected to maintain a trading range between 0.6600 and 0.6685 in the near term.
24-HOUR VIEW:
AUD recently saw a dip to 0.6627 followed by a recovery to 0.6668. However, momentum did not significantly increase following this recovery. Instead, AUD is anticipated to consolidate between 0.6635 and 0.6675. The day closed slightly lower at 0.6648 (-0.13%), reflecting a subdued underlying tone. The outlook suggests AUD will likely trade within a narrower range of 0.6625 to 0.6665.
1-3 WEEKS VIEW:
The current price action for AUD indicates a phase of range trading, as noted by UOB Group strategists. With the AUD currently around 0.6640, the expectation remains that AUD will continue to trade within the broader range of 0.6600 to 0.6685 in the coming weeks.
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