Australian Dollar (AUD) is likely to trade in a range between 0.6470 and 0.6515. In the longer run, for the time being, AUD is expected to trade in a sideways range of 0.6445/0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

AUD is expected to trade in a sideways range

24-HOUR VIEW: "We stated yesterday that AUD 'is facing upward pressure and may edge higher to 0.6530.' We also highlighted that AUD 'is unlikely to break clearly above this level.' However, after rising to a high of 0.6525, AUD fell sharply to 0.6473. The declines lack momentum, and AUD is unlikely to weaken much further. Today, we expect AUD to trade in a range, most likely between 0.6470 and 0.6515."

1-3 WEEKS VIEW: "After holding a negative view in AUD since early this month, we indicated yesterday (21 Oct, spot at 0.6515) 'downward momentum has eased, and for the time being, we expect AUD to trade in a sideways range of 0.6445/0.6555.' There is no change in our view."