The Australian dollar faces continued pressure against the US dollar with strategists at UOB forecasting gradual downside movement toward the 0.7000 level. Currency analysts Quek Ser Leang and Lee Sue Ann expect AUD/USD to stabilize within a narrow intraday range between 0.7015 and 0.7065 following a recent brief dip. However, the pair maintains a negative outlook over the next one to three weeks.
The downward trajectory reflects persistent headwinds for the Australian currency as it tests key support levels. Traders should monitor the 0.7000 psychological threshold closely, as a break below could trigger additional selling pressure and stop-loss orders. The forecast suggests limited upside potential in the near term, with consolidation likely before any further directional moves materialize.
FXnCO Insight
AUD/USD traders should prepare for continued weakness toward 0.7000 over the coming weeks, positioning accordingly while watching for potential support at the 0.7015 level for short-term tactical entries.
Source: FXStreet