AUD/USD: Temporarily Stuck In Range Trading

UOB Group FX Strategists believe AUD/USD is likely to trade between 0.6625-0.6675.

Momentum indicators remain flat

24-hour view: “Two days ago, AUD/USD surged to 0.6689 before retracing sharply. Yesterday, we thought ‘there is scope for a sharp correction, but any decline is unlikely to reach 0.6600 given the lack of momentum’. Our view did not materialize as AUD traded in a 0.6640/0.6673 range, flat at 0.6648. Momentum indicators are largely flat and AUD is likely to continue trading in a range today, possibly between 0.6625-0.6675.

1-3 Weeks view: “We continue to hold the same view as on Monday (June 24, current price 0.6640). As highlighted, the current price action is likely to be part of a range trading phase. For now, the AUD is likely to trade between 0.6600 and 0.6685.

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