The Australian Dollar (AUD) is likely to remain confined within a narrow trading range, according to the latest analysis by UOB Group’s FX strategists Quek Ser Leang and Peter Chia. In the short term, the pair is expected to fluctuate between 0.6470 and 0.6515, while the broader outlook suggests a sideways movement between 0.6445 and 0.6555.
🔹 Short-Term Outlook (24-Hour View)
Analysts at UOB noted that AUD/USD showed signs of upward pressure on the previous day and had the potential to test the 0.6530 level. However, as expected, the pair failed to break through and pulled back after reaching a high of 0.6525, eventually falling to 0.6473.
Despite the drop, the analysts believe the decline lacks strong momentum, suggesting that further downside is limited. For now, the currency pair is likely to stay range-bound between 0.6470 and 0.6515 throughout the day.
🔸 Medium-Term Outlook (1–3 Weeks)
In the broader view, UOB had previously adopted a bearish stance on the Australian Dollar. However, that tone has shifted. On October 21, when AUD/USD was at 0.6515, the analysts remarked that the downward momentum had faded, and they now expect the pair to move sideways in a broader range of 0.6445 to 0.6555.
There are no changes to this outlook at the moment.
📌 Summary
- Short-term range expected: 0.6470 to 0.6515
- Medium-term range: 0.6445 to 0.6555
- Downside momentum has eased
- No clear breakout expected in either direction for now