Australian Dollar: Upside risk hinges on 0.7150 against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note AUD/USD retested recent highs near 0.7130 but momentum has not strengthened markedly.
UOB analysts Quek Ser Leang and Lee Sue Ann highlight that the Australian Dollar's upside potential depends on breaking above 0.7150 against the US Dollar. While AUD has retested recent highs near 0.7130, it has not shown significant momentum increases. For a potential move to 0.7175, the pair must first surpass 0.7150 and maintain a hold above 0.7070, with support levels identified at 0.7110 and 0.7090.
Over the next 1-3 weeks, the analysts emphasize that a bullish outlook for AUD remains, with 0.7150 as the next critical level to monitor. Breaking decisively above 0.7150 is essential for a subsequent move to 0.7175, and maintaining a position above 0.7070 is crucial for this outcome.
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