AUD/USD now focused on 0.6690 – UOB

AUD/USD could slip back to the 0.6640 region on a close below 0.6690, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “AUD traded between 0.6706 and 0.6740 last Friday, lower and narrower than our expected sideway trading range of 0.6710/0.6755. Momentum indicators are still mostly ‘neutral’ and AUD is likely to continue to trade sideways. Expected range for today, 0.6710/0.6750”.

Next 1-3 weeks: “We continue to hold the same view from Tuesday (27 Aug, spot at 0.6775) wherein AUD is trading in a consolidation phase. That said, the slightly weakened underlying suggests a narrower range of 0.6690/0.6780 (from 0.6690/0.6845 previously). Looking ahead, if AUD were to register a NY closing below 0.6690, it would suggest a move to 0.6640 (possibly 0.6600) has started”.