Australian Dollar (AUD) is likely to continue to trade in a range vs US Dollar (USD), expected to be between 0.6275/0.6320. In the longer run, AUD appears range-bound for now, likely between 0.6240 and 0.6355, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUD appears range-bound for now
24-HOUR VIEW: “Yesterday, we detected ‘a slight increase in downward momentum.’ We held the view that AUD ‘is likely to trade in a lower range of 0.6270/0.6320.’ AUD subsequently in a narrower range than expected, between 0.6280 and 0.6318, closing slightly higher at 0.6305 (+0.11%). The price action continues to appear like part of a range-trading phase. Today, we expect AUD to trade in a
0.6275/0.6320 range.”
1-3 WEEKS VIEW: “Our most recent narrative was from two days ago, (26 Mar, spot at 0.6305), where AUD ‘appears range-bound for now, likely between 0.6240 and 0.6355.’ There is no in our view.”
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