The Australian Dollar (AUD) could rebound; any advance is unlikely to reach 0.6600. AUD weakness from late last month has stabilised; it is likely to trade in a 0.6400/0.6600 range for the time being, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

The immediate resistance is at 0.6600

24-HOUR VIEW: “Our expectation for AUD to continue to rebound yesterday did not materialise, as it traded between 0.6472 and 0.6541, closing at 0.6519 (+0.34%). The underlying tone still seems firm, and we continue expect AUD to rebound. However, any advance is unlikely to reach the major resistance at 0.6600. Support is at 0.6500, followed by 0.6480.”

1-3 WEEKS VIEW: “After holding a negative AUD view since late last month, we indicated yesterday (06 Aug, spot at 0.6510) that the weakness has stabilised. We expected AUD to trade in neutral range of 0.6400/0.6600 for the time being. Our view remains unchanged.”