Australian Dollar: Upside risk intact above support against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note AUD/USD rebounded to close around 0.7062 after the RBA left its cash rate at 4.35%. Intraday, they see scope for the Australian Dollar to edge higher, though a sustained break above 0.7075 is unlikely.
UOB analysts, Quek Ser Leang and Lee Sue Ann, reported that the Australian Dollar (AUD) rebounded to close near 0.7062 after the Reserve Bank of Australia (RBA) maintained its cash rate at 4.35%. While there is potential for AUD to rise in the short term, a sustained break above 0.7075 is considered unlikely over the next 1-3 weeks. The analysts expect AUD to stay above 0.7025 for a period of time, with a potential to reach 0.7100 if AUD closes above 0.7075. Currently, the support levels for AUD are at 0.7050 and 0.7040.
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