Australian Dollar (AUD) is likely to trade in a range of 0.6685/0.6730. In the longer run, the current price movements are likely part of a range-trading phase between 0.6655 and 0.6745, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a range-trading phase

24-HOUR VIEW: "We expected AUD to range-trade between 0.6670 and 0.6710 yesterday. However, AUD rose to a high of 0.6722, closing higher by 0.34% at 0.6710. The increase in upward momentum is not strong enough to suggest a continued rise. Today, AUD is more likely to trade in a higher range of 0.6685/0.6730."

1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (09 Jan, spot at 0.6700). As highlighted, 'the current price movements are likely part of a range-trading phase between 0.6655 and 0.6745'."