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AUD/USD is likely to trade within 0.6800 and 0.7010 in the next weeks, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “We held the view yesterday that AUD ‘could weaken further but any weakness is viewed as part of a 0.6830/0.6900 range’. Our expectation did not materialize as AUD traded in a relatively narrow range of 0.6849/0.6893. The price action offers no fresh clues and AUD could continue to consolidate for today, likely between 0.6850 and 0.6905.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (23 Jun, spot at 0.6920). As highlighted, the recent downward pressure has dissipated and from here, AUD is expected to consolidate and trade between 0.6800 and 0.7010. Looking forward, the upside risk appears to be greater but AUD has to close above 0.7030 in order to indicate that it is ready to move above the 0.7067 peak registered earlier this month.”