Ella 
Yesterday, we expected the Australian dollar to trade in a range between 0.6390-0.6450. However, the Australian dollar traded within a 0.6419/0.6460 range before closing at 0.6441 (+0.31%). Although the Australian dollar rose to highs of 0.6460, upward momentum failed to build. Today, we still expect the AUD to trade range-bound, likely between 0.6415 and 0.6460.
Next 1-3 weeks: No change to our view from Tuesday (September 12, spot price 0.6395) that the AUD “could rebound further, but any upside would face solid resistance at 0.6485”. As long as the AUD remains above 0.6385 (previously “strong support” at 0.6370), upward pressure will remain unchanged. Looking ahead, if the AUD falls below 0.6385, it means the AUD is likely to trade range-bound without further rebound.
