AUD/USD: Likely to trade in a 0.6260/0.6315 range – UOB Group

FXStreet Insights Team FXStreet

Australian Dollar (AUD) is likely to trade in a 0.6260/0.6315 range vs US Dollar (USD). In the longer run, slightly firm underlying tone suggests AUD is likely to trade in a higher range of 0.6245/0.6385, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Slightly firm underlying tone

24-HOUR VIEW: "We noted yesterday that AUD 'is facing mild upward pressure.' We indicated that it 'is likely to edge higher but is unlikely to threaten the major resistance at 0.6355.' However, AUD rose less than expected (high of 0.6335) and then fell sharply to a low of 0.6269. The decline lacks momentum, and instead of continuing to weaken, AUD is more likely to trade in a lower range of 0.6260/0.6315."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (12 Mar, spot at 0.6325). As highlighted, we 'continue to expect AUD to trade in a range, but the slightly firm underlying tone suggests a higher range of 0.6245/0.6385.”

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