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Australian dollar is set for range trade versus US dollar, analysts say

UOB strategists expect AUD/USD to consolidate between 0.6935 and 0.6975 intraday and between 0.6935 and 0.7020 over the next one to three weeks.

Reported · Written up by our desk · Major Pairs

UOB strategists Quek Ser Leang and Lee Sue Ann said the Australian dollar has slipped to 0.6943 versus the US dollar, but the move has not produced strong bearish momentum.

They expect AUD/USD to trade within a tight intraday range of 0.6935 to 0.6975, describing the latest action as consolidation rather than a sustained slide.

Over a one to three week horizon, UOB has shifted to a neutral outlook, calling for range trading between 0.6935 and 0.7020 even as they flag longer term downside risks.

FXStreet reported the view follows UOB revising its stance to neutral after previously looking for modest upside and then turning negative earlier in the month.

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