The Australian Dollar (AUD) is expected to trade within a range of 0.6505 to 0.6610, according to FX analysts Quek Ser Leang and Peter Chia from UOB Group.
24-Hour Outlook
UOB notes that AUD/USD continues to move within a range-trading phase:
- Yesterday, AUD/USD briefly rose to 0.6563, near the top of the expected range of 0.6535–0.6565, before dropping sharply to a low of 0.6518.
- The pair rebounded quickly and closed slightly lower at 0.6539 (-0.12%).
- The analysts observe that downward momentum remains limited, although there is a possibility of a retest of the 0.6520 level before another upward move.
- Support levels: 0.6520 (minor), 0.6505 (strong)
- Resistance levels: 0.6550, 0.6560
1–3 Weeks Outlook
UOB’s earlier update from 31 October remains relevant:
- AUD/USD is likely to continue trading within the broader range of 0.6505 to 0.6610 over the next 1–3 weeks.
