UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang noted AUD/USD could extend the 0.6600-0.6760 range in the next weeks.

Key Quotes

24-hour view: “We expected ‘further AUD weakness’ yesterday. However, it soared to 0.6749 before dropping back down quickly. The price actions appear to be part of a consolidation phase. In other words, AUD is likely to trade sideways today, expected to be between 0.6635 and 0.6730.”

Next 1-3 weeks: “Yesterday (29 Nov, spot at 0.6655), we highlighted that downward momentum is building and held the view that AUD is likely to trade with a downward bias towards 0.6585. Our view was invalidated quickly as AUD popped above ‘strong resistance’ level of 0.6740 (high of 0.6749) before dropping sharply. The build-up in downward momentum has faded and AUD is likely to consolidate and trade between 0.6600 and 0.6760 for now.”