The Australian Dollar (AUD) is likely to consolidate between 0.6635 and 0.6675 for the time being, analysts at UOB Group note.

AUD/USD is rangebound for the time being

24-HOUR VIEW: “We noted yesterday that “downward momentum has increased slightly, and AUD is likely to drift lower.’ However, we were of the view that “any decline is unlikely to reach 0.6600.’ Our view was incorrect, as after dipping to a low of 0.6627, AUD rose to a high of 0.6668. The recovery did not result in any clear increase of momentum. Instead of continuing to recover, AUD is more likely to consolidate between 0.6635 and 0.6675.”

1-3 WEEKS VIEW: “Our update from yesterday (24 Jun, spot at 0.6640) is still valid. As indicated, the current price action is likely part of a range-trading phase. For the time being, AUD is likely to trade between 0.6600 and 0.6685.”