Australian Dollar: Short-term pullback within broader uptrend against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann observe that AUD/USD has corrected from 0.7208 but is now rebounding, with intraday trade expected between 0.7155 and 0.7180.
UOB analysts Quek Ser Leang and Lee Sue Ann note that the Australian Dollar has retraced from 0.7208, but is currently rebounding within a range of 0.7155 to 0.7180. They anticipate a short-term pullback towards 0.7120, as the month-long AUD strength seems to have concluded. Despite this, the medium-term technical outlook remains favorable for breaking above 0.7200, pushing towards the year-to-date high near 0.7280.
In the 24-hour view, AUD rose to 0.7208 last Friday before sharply falling to 0.7158 (-0.50%). Earlier, analysts had predicted a possible decline towards 0.7145. After a slight decrease to 0.7152, AUD rebounded to a high of 0.7171, suggesting the possibility of further rebound within the 0.7155/0.7180 range.
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