Australian Dollar (AUD) is likely to trade in a range between 0.6505 and 0.6610, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

AUD/USD is likely to trade in a range between 0.6505 and 0.6610

24-HOUR VIEW: "We highlighted yesterday that 'the current price movements appear to be part of a range-trading phase'. We expected AUD to 'trade in a range of 0.6535/0.6565'. While AUD subsequently rose close to the top of our expected range (high of 0.6563), it then dropped sharply to a low of 0.6518. AUD rebounded quickly from the low, closing slightly lower at 0.6539 (-0.12%). The brief decline did not result in any clear increase in downward momentum, but there is a chance for AUD to retest the 0.6520 level before another rebound is likely. The next support at 0.6505 is unlikely to come under threat. Resistance levels are at 0.6550 and 0.6560."

1-3 WEEKS VIEW: "Our update from last Friday (31 Oct, spot at 0.6555) remains valid. As indicated, AUD 'is likely trade in a range between 0.6505 and 0.6610'."