The Australian Dollar (AUD) is likely to trade in a 0.6555/0.6595 range. In the longer run, outlook is mixed; AUD could trade in a choppy manner between 0.6515 and 0.6690, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
AUD can reach 0.6515 near term
24-HOUR VIEW: “We indicated yesterday that AUD ‘could decline to 0.6550 before stabilisation is likely.’ We also indicated that ‘any further decline is unlikely to reach 0.6515.’ Our view did not turn out as AUD traded in a relatively quiet manner between 0.6564 and 0.6599. AUD closed slightly lower by 0.14% (0.6574). While the price movements appear to be part of range trading phase, the soft underlying tone suggests AUD is likely to trade in a lower range of 0.6555/0.6595.”
1-3 WEEKS VIEW: “Our update from yesterday (11 Nov, spot at 0.6585) is still valid. As highlighted, the recent pronounced but short-lived price movements have resulted in a mixed outlook. AUD could continue to trade in a choppy manner, likely between 0.6515 and 0.6690.”
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