The Australian Dollar is likely to continue trading sideways against the U.S. Dollar in the near term, according to FX strategists at UOB Group.
Analysts Quek Ser Leang and Peter Chia from UOB Group noted that the AUD/USD pair is expected to remain confined within a 0.6445–0.6555 range in the coming weeks, reflecting ongoing consolidation in the market.
Short-Term Outlook
In their 24-hour view, the analysts observed that the pair traded within a narrower-than-expected band on Wednesday, moving between 0.6479 and 0.6512 before closing slightly higher at 0.6489, up just 0.01% on the day.
“The recent price movements still suggest a phase of range trading,” they said, adding that for the short term, AUD/USD is likely to fluctuate between 0.6475 and 0.6510.
1–3 Week View
Looking ahead, the analysts maintained their stance from earlier this week:
“For now, we expect AUD/USD to continue trading sideways within a broader 0.6445 to 0.6555 range,” they reiterated, indicating that no strong directional momentum is apparent at this stage.
