Australian Dollar: Upside risk intact above support against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD is consolidating intraday between 0.7050 and 0.7075 after a brief spike to 0.7091 failed to build momentum.
UOB analysts Quek Ser Leang and Lee Sue Ann report that the Australian Dollar (AUD) remains within a range of 0.7050 to 0.7075 against the US Dollar (USD), after experiencing a brief surge to 0.7091 that failed to gain momentum. They maintain that upside potential for AUD persists as long as it stays above the strong support level at 0.7025, with a potential move towards 0.7100 if it closes above 0.7075.
A breach of the 0.7025 support level would signal the end of the upside risk. Over the past 24 hours, AUD rose to 0.7091 before falling back, and during the Asian session, it dropped to 0.7044 before rebounding to 0.7067, ultimately settling at 0.7060, a 0.04% decrease. Traders are expected to see AUD trading within the range of 0.7050 to 0.7075.
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