Australian Dollar: Neutral tone within tight band against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann describe AUD/USD as largely unchanged around 0.6960, with intraday price action confined to narrow ranges. The Australian Dollar is expected to trade between 0.6945 and 0.6985 near term, while the 1–3 week outlook remains neutral inside 0.6935–0.7020, even as longer-term bearish signals highlight downside risks toward prior lows.

Australian Dollar seen range-bound for now

"24-HOUR VIEW: Yesterday, we expected AUD “to trade in a range between 0.6935 and 0.6975.” We were not wrong, as AUD traded within a 0.6933/0.6973 range, closing largely unchanged at 0.6960 (-0.02%). Further range-trading appears likely, though the slightly firmer underlying tone suggests a higher range of 0.6945/0.6985."

"1-3 WEEKS VIEW: We highlighted on Wednesday (07 Oct, spot at 0.6980) that “the outlook for AUD is neutral,” and indicted that it “is likely to trade between 0.6935 and 0.7020.” There is no change in our view."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)