AUD/USD seen side-lined for the time being – UOB
FX Strategists at UOB Group expect AUD/USD to keep the rangebound theme unchanged for the time being.
24-hour view: “Instead of 'edging down towards 0.6690', AUD trade in a quiet manner and within a narrow range of 0.6710/0.6732. Momentum indicators are mostly ‘neutral’ and AUD is likely to continue to trade sideways. Expected range for today, 0.6705/0.6740.”
Next 1-3 weeks: “AUD traded in a quiet manner last Friday (14 Feb) and registered an ‘inside day’ before closing little changed at 0.6715 (-0.05%). The price action offers no fresh clues and for now, we are holding on to our view from last Thursday (13 Feb, spot at 0.6730) wherein AUD is expected to trade sideways between 0.6650 and 0.6780.”