Australian Dollar: Upside risk capped by 0.7075 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang reports AUD/USD briefly tested 0.7069 before retreating sharply to 0.6984, with the move seen as overdone. Intraday, the Australian Dollar is expected to range between 0.6980 and 0.7030.
UOB analyst Quek Ser Leang notes that the Australian Dollar (AUD) briefly tested 0.7069 against the US Dollar (USD) before falling sharply to 0.6984. The move was considered overdone, and experts predict a range-bound movement for AUD/USD between 0.6980 and 0.7030 within the next week. However, any upward movement will likely face resistance at 0.7075, while a drop below 0.6980 would ease upward pressure.
After opening strongly yesterday, AUD showed signs of upward momentum, but analysts believe the advance is unlikely to reach the significant resistance level of 0.7075.
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