AUD/USD still expected to remain within range – UOB

AUD/USD is likely to navigate within the 0.6800-0.7010 range in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD traded between 0.6841 and 0.6896 last Friday, relatively close to our expected consolidation range of 0.6850/0.6905. The underlying tone has weakened somewhat and this could lead to AUD drifting lower to 0.6830. For today, the next support at 0.6800 is not expected to come into the picture. Resistance is at 0.6890 but the stronger level is at 0.6920.”

Next 1-3 weeks: “AUD traded in a relatively quiet manner the last couple of days and at this stage, there is no change to narrative from last Tuesday ((23 Jun, spot at 0.6920). As highlighted, AUD is expected to consolidate and trade between 0.6800 and 0.7010. While the underlying tone appears to have weakened somewhat, AUD dost not appear to be ready to break out of the 0.6800/0.7010 range for now.”