The Australian Dollar (AUD) is likely to trade sideways, probably in a range of 0.6800/0.6855. In the longer run, there is still room for AUD to rise further, but there may not be enough momentum for it to challenge 0.6870, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
Rangebound between 0.6800 and 0.6855
24-HOUR VIEW: “We expected AUD to trade sideways yesterday. Our expectation was incorrect, as AUD rose to 0.6853, closing at its highest level this year (0.6838, 0.45%). Despite the advance, upward momentum has barely increased, and AUD is unlikely to rise much further. Today, we continue to expect AUD to trade sideways, probably in a range of 0.6800/0.6855.”
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