Australian Dollar: Pullback risk toward 0.7120 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD briefly broke above 0.7200 to 0.7208 before reversing to 0.7158. Intraday, they expect further pullback toward 0.7145, with limited downside and resistance at 0.7170/0.7185.
UOB analysts have cautioned that the Australian dollar (AUD) may be facing a pullback risk towards 0.7120 against the US dollar. Recent movements saw AUD briefly surpass 0.7200, only to reverse and settle at 0.7158. Short-term forecasts anticipate a potential return to 0.7145, with resistance levels at 0.7170/0.7185. The analysts believe that the recent AUD strength has faded, suggesting that a more significant fall could occur to the 0.7120 level within the coming weeks.
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