UOB Group FX strategists Quek Ser Leang and Peter Chia expect the Australian Dollar to remain range-bound in the near term, with AUD/USD likely to fluctuate between 0.6510 and 0.6560. In the broader outlook, they continue to anticipate a wider trading band of 0.6490–0.6580.
AUD Likely to Stay Range-Bound
24-Hour View:
UOB noted on Friday that the outlook for AUD/USD remained mixed, calling for a 0.6510–0.6560 trading range. The pair briefly dipped to 0.6504 before rebounding to 0.6551, eventually closing slightly higher at 0.6537 (+0.09%). Analysts say the price action still points to consolidation, and they maintain the view that the pair will trade within the same range today.
1–3 Week View:
There has been little change since last Friday’s commentary. UOB continues to expect the Australian Dollar to hold within a broader 0.6490–0.6580 range in the weeks ahead.