The Australian Dollar (AUD) is likely to trade in a 0.6685/0.6730 range. In the longer run, downward momentum is slowing rapidly; a breach of 0.6740 would mean that the weakness in AUD has stabilized, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Likely to trade in a 0.6685/0.6730 range

24-HOUR VIEW: “We expected AUD to trade in a 0.6680/0.6725 range last Friday. It subsequently traded between 0.6694 and 0.6719, closing slightly higher at 0.6707 ( 0.16%). Further range trading appears likely today, even though the slightly firmed underlying tone suggests a higher range of 0.6685/0.6730 range.”