The Australian Dollar (AUD) is likely to trade in a relatively narrow range between 0.6475 and 0.6510 in the short term. Over the longer term, UOB Group’s FX analysts Quek Ser Leang and Peter Chia expect AUD/USD to remain within a broader sideways range of 0.6445 to 0.6555.
AUD/USD Set for Range-Bound Trading
24-Hour View:
Yesterday, analysts anticipated AUD/USD would “trade between 0.6470 and 0.6515.” While the pair remained within a slightly tighter range of 0.6479 to 0.6512, this range-bound view was confirmed as the pair closed just marginally higher by 0.01% at 0.6489. Price action continues to reflect a consolidation phase, with the pair expected to oscillate between 0.6475 and 0.6510 today.
1 to 3 Weeks Outlook:
The previous update from October 21 remains relevant. For now, AUD/USD is expected to maintain a sideways trading pattern within the range of 0.6445 to 0.6555.