Australian Dollar: Upside risk tied to 0.7075 break against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD has pulled back to 0.7032 after failing to clear 0.7075, with intraday price action expected to remain range-bound between 0.7015 and 0.7055.
UOB analysts Quek Ser Leang and Lee Sue Ann highlight that Australian Dollar (AUD) has retreated to 0.7032, after struggling to surpass 0.7075. They anticipate a range-bound intraday price action between 0.7015 and 0.7055 within the next 1-3 weeks. Despite recognizing upward momentum, they caution that an upward trend remains subdued, and bullish sentiment for today persists.
Although there's no evident surge in bearish momentum, they predict AUD is more likely to trade within the aforementioned range. The analysts emphasized on Monday that while AUD's upside potential remains, any progress would likely face strong resistance at 0.7075. Following a high of 0.7065 on Wednesday, they noted on Thursday that should AUD break and sustain above 0.7075, the possibility of reaching 0.7100 would increase.
However, a sharp pullback to a low of 0.7023 was observed. If AUD breaks below 0.7015 without altering the 'strong support' level, it would suggest a fading chance of AUD breaking above 0.7075.
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