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FX Strategists at UOB Group noted AUD/USD is still facing a period of sideline trading for the time being.

Key Quotes

24-hour view: “AUD traded between 0.6831 and 0.6857, relatively close to our expected sideway-trading range of 0.6835/0.6865. The underlying tone appears to be on the soft side and AUD could drift lower from here. In view of the lackluster momentum, the strong 0.6810 support is unlikely to be challenged. Resistance is at 0.6860 followed by 0.6880″.

Next 1-3 weeks: “AUD drifted to a low of 0.6832 yesterday before settling slightly lower at 0.6840 (-0.14%). While downward momentum has ticked up, there is no change in our view from Monday (11 Nov, spot at 0.6860) wherein the “current movement is viewed as part of a consolidation phase”. In other words, we continue to expect AUD to trade between 0.6810 and 0.6910 for a period”.