The Australian Dollar (AUD) is forecasted to trade within a short-term range of 0.6475 to 0.6510. Over the medium term, AUD/USD is likely to remain in a sideways trading band between 0.6445 and 0.6555, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
Short-Term Outlook
Yesterday, AUD/USD was expected to trade between 0.6470 and 0.6515. While the pair traded in a slightly narrower range of 0.6479 to 0.6512, it closed marginally higher by 0.01% at 0.6489. This movement suggests that the pair is still in a range-bound phase, with the immediate trading range projected between 0.6475 and 0.6510.
Medium-Term View
The previous outlook from October 21, when AUD/USD was at 0.6515, remains valid. For now, the pair is expected to continue moving sideways within the broader range of 0.6445 to 0.6555 over the next one to three weeks.
