AUD/USD: Trading flat for now – UOB Group

There has been no increase in either downward or upward momentum; Australian Dollar (AUD) is expected to trade in a sideways range of 0.6505/0.6555 against US Dollar (USD). In the longer run, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

No increase in either downward or upward momentum

24-HOUR VIEW: "When AUD was at 0.6550 in the early Asian session last Friday, we pointed out that 'there is a chance for AUD to test 0.6575 before a pullback can be expected.' However, AUD pulled back from 0.6561 to 0.6510 before recovering to close at 0.6534 (-0.20%). There has been no significant increase in either downward or upward momentum. Today, we expect AUD to trade in a sideways range of 0.6505/0.6555."

1-3 WEEKS VIEW: "There is potential for AUD to test 0.6595. There is not much to add to our update from last Friday (27 Jun, spot at 0.6550). As stated, “the price action suggests there is potential for AUD to test 0.6595, as long as 0.6495 (‘strong support’ level) is not breached.” A breach of 0.6495 would indicate that AUD is more likely to trade in a range instead of testing 0.6595."