Outlook is mixed; AUD could trade in a range between 0.6510 and 0.6560. In the longer run, for the time being, AUD is likely to trade in a 0.6490/0.6580 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

AUD/USD might trade in a range

24-HOUR VIEW: "After AUD traded on a firm note in the early Asian trade yesterday, we highlighted the following: 'Upward momentum is starting to build, but it is too early to determine if AUD can reach 0.6580 today'. Although AUD subsequently rose to a high of 0.6580, it then dropped sharply to 0.6514. The sharp but short-lived swings have resulted in a mixed outlook. Today, AUD could trade in a range between 0.6510 and 0.6560."

1-3 WEEKS VIEW: "Our most recent narrative was from Tuesday (11 Nov, spot at 0.6535), in which we highlighted that AUD “is likely to edge higher within a higher range of 0.6490/0.6580.” Yesterday, AUD rose and tested 0.6580 before dropping back down to close at 0.6531 (-0.17%). There has been no clear increase in either downward or upward momentum, and for the time being, we continue to expect AUD to trade in a 0.6490/0.6580 range."