AUD/USD: Any decline is likely part of a lower range of 0.6580/0.6620 – UOB Group

Australian Dollar (AUD) may edge lower; any decline is likely part of a lower range of 0.6580/0.6620. In the longer run, AUD remains neutral but is now expected to trade in a narrower range of 0.6555/0.6640AUD remains neutral but is now expected to trade in a narrower range of 0.6555/0.6640.

AUD/USD remains neutral

24-HOUR VIEW: "When AUD was at 0.6595 in the early Asian session last Friday, we held the view that it 'could test the support at 0.6570 before recovering.' Our expectation did not materialise, as AUD traded in a quiet manner between 0.6590 and 0.6614, closing largely unchanged at 0.6600 (+0.05%). The undertone still appears to be soft, but while AUD may edge lower today, any decline is likely part of a lower range of 0.6580/0.6620."

1-3 WEEKS VIEW: "Last Wednesday (01 Oct, spot at 0.6615), we indicated that 'we are neutral on AUD and expect it to trade between 0.6545 and 0.6655.' AUD subsequently traded in a quiet manner for a few days. We continue to hold a neutral stance on AUD, but now expect it to trade in a narrower range of 0.6555/0.6640."