The Australian Dollar (AUD) is forecasted to trade within a tight range between 0.6470 and 0.6515 in the short term, according to FX analysts Quek Ser Leang and Peter Chia from UOB Group. Over the longer term, the AUD is expected to move sideways, fluctuating within the broader range of 0.6445 to 0.6555 for now.
24-Hour Outlook:
Yesterday, it was noted that the AUD was facing upward pressure and might climb to 0.6530, but was unlikely to break decisively above this level. After reaching a high of 0.6525, the AUD quickly dropped to 0.6473. Despite this decline, the downward momentum appears weak, suggesting the AUD is unlikely to fall much further today. As a result, the currency is expected to trade within a range of 0.6470 to 0.6515.
1-3 Week Outlook:
Earlier this month, the outlook on AUD was negative. However, as of October 21 (spot rate at 0.6515), analysts observed that the downward momentum has eased. For the time being, they expect the AUD to remain within a sideways trading range of 0.6445 to 0.6555. There is no change to this view at present.
