Australian Dollar: Pullback toward 0.7120 favoured against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann report AUD/USD volatility picked up as the pair spiked to 0.7181 before sliding to 0.7139, with intraday momentum now skewed lower but seen insufficient to reach 0.7120.
UOB's analysts, Quek Ser Leang and Lee Sue Ann, note that Australian Dollar volatility has increased as it surged to 0.7181 before dropping to 0.7139. Their assessment suggests that the short-term momentum is inclined downward, but it isn't strong enough to reach the 0.7120 level. They predict that the Australian Dollar's month-long strength has ended and anticipate a pullback toward 0.7120 within the next 24 hours.
If the 0.7190 resistance level breaks, they believe AUD will range-trade instead of continuing to decline. Over the longer term, they view potential upward movement above 0.7200 towards 0.7280. Currently, they believe AUD will edge lower, but the significant support at 0.7120 seems unattainable at present. Support is at 0.7120, and a breach of 0.7160 would suggest that the current downward pressure has eased.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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