Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group expect AUD/USD to extend its consolidative range in the short-term horizon.

Key Quotes

24-hour view: Our expectations for AUD to rise to 0.6710 yesterday did not materialize as it traded in a range of 0.6652/0.6695. The underlying tone still appears to be firm, and we continue to see chance for AUD to rise to 0.6710. The next resistance at 0.6750 is highly unlikely to come into view. Support is at 0.6670, followed by 0.6650. 

Next 1-3 weeks: Our update from Monday (10 Jul, spot at 0.6685) still stands. As highlighted, AUD is likely to trade in a range between 0.6620 and 0.6750 for now.