AUD/USD: Expected to trade in a 0.6255/0.6320 – UOB Group

Australian Dollar (AUD) is expected to trade in a 0.6255/0.6320 range vs US Dollar (USD). In the longer run, current price movements are likely part of a range trading phase between 0.6215 and 0.6355, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

Current price movements are likely part of a range trading phase 

24-HOUR VIEW: "When AUD was at 0.6280 yesterday, we noted that it 'is under mild downward pressure.' We indicated that it 'could test 0.6250, but the major support at 0.6215 is not expected to come to come into view.' We highlighted that 'Resistance is at 0.6295; a breach of 0.6320 would indicate that the current mild downward pressure has eased.' However, AUD did not quite test 0.6250, as it traded between 0.6259 and 0.6312. The price movements are likely part of a range trading phase. Today, we expect AUD to trade in a 0.6255/0.6320 range." 

1-3 WEEKS VIEW: "Our update from yesterday (11 Mar, spot at 0.6280) still stands. As highlighted, The current price movements are likely part of a range trading phase between 0.6215 and 0.6355.”