Australian Dollar (AUD) appears to have entered a range-trading phase between 0.6490 and 0.6530. In the longer run, AUD is still trading in a range, probably between 0.6455 and 0.6555, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

AUD is still trading in a range

24-HOUR VIEW: "AUD fell sharply to a low of 0.6483 last Thursday. On Friday, we indicated that 'the decline could test 0.6475 before stabilisation can be expected.' Our expectation did not materialise, as AUD traded in 0.6490/0.6523 range. AUD appears to have entered a range-trading phase, probably between 0.6490 and 0.6530."

1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (15 Aug, spot at 0.6510). As highlighted, AUD 'is still trading in a range, probably between 0.6455 and 0.6555'."