The Australian Dollar is holding its ground against the US Dollar as trading activity consolidates following a test above the 0.7020 level, according to United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann. The pair has pulled back from recent highs but remains within a tight intraday range between 0.6985 and 0.7020.
Critically, the 0.6970 support level remains intact, which analysts indicate keeps the broader upside momentum alive for the AUD/USD pair. The currency pair’s ability to maintain this technical floor suggests underlying strength despite the current consolidation phase. Forex traders and brokers tracking Antipodean currencies should monitor whether the pair can sustain above this key support threshold or attempt another push toward the 0.7020 resistance zone.
Market participants trading AUD crosses or exposure to commodity currencies should watch this technical setup closely as it develops through today’s session.
FXnCO Insight
Traders should keep stops below 0.6970 support while watching for a breakout above 0.7020 to signal renewed bullish momentum in AUD/USD.
Source: FXStreet