The Australian Dollar (AUD) is likely to trade in a range, probably between 0.6625 and 0.6675, UOB Group FX strategists suggest.

Momentum indicators are flat

24-HOUR VIEW: “Two days ago, AUD soared to 0.6689 before pulling back sharply. Yesterday, we held the view that ‘the sharp pullback has scope to extend, but given the lackluster momentum, any decline is unlikely to reach 0.6600.’ Our view did not materialise, as AUD traded in a range of 0.6640/0.6673, closing unchanged at 0.6648. Momentum indicators are most flat, and AUD is likely to continue to trade in a range today, probably between 0.6625 and 0.6675.”

1-3 WEEKS VIEW: “We continue to hold the same view as Monday (24 Jun, spot at 0.6640). As highlighted, the current price action is likely part of a rangetrading phase. For the time being, AUD is likely to trade between 0.6600 and 0.6685.”