AUDUSD remains side-lined within the 0.6590-0.6800 range in the next few weeks, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “Our expectation for AUD to ‘retest the 0.6635 level’ did not materialize as it traded in a quiet manner between 0.6662 and 0.6730. The underlying tone still appears to be soft and we expect AUD to edge lower. However, any decline is unlikely to break 0.6635 (minor support is at 0.6660). On the upside, a breach of 0.6735 would indicate that the current mild downward pressure has eased.”

Next 1-3 weeks: “There is not much to add to our update from last Friday (18 Nov, spot at 0.6685). As highlighted, AUD appears to have moved into a consolidation phase and is likely to trade between 0.6590 and 0.6800 for the time being.”