The Australian Dollar has pushed through a key technical barrier against the US Dollar, signaling potential for further gains according to United Overseas Bank analysts. AUD/USD broke above the significant 0.7015 resistance level and extended to 0.7021, marking a notable shift in momentum for the currency pair.
UOB currency strategists Quek Ser Leang and Lee Sue Ann project the Aussie will trade within an elevated 0.6985 to 0.7025 range over the next 24 hours, representing a clear upward shift from previous levels. The break above 0.7015 is technically significant as it removes a major obstacle that had been capping the pair’s advance.
Traders should watch for sustained movement above this resistance zone, which could attract additional momentum-driven buying. The revised trading range suggests the Australian Dollar has established a firmer footing against the greenback in the near term.
FXnCO Insight
Traders holding short AUD/USD positions should consider tightening stops above 0.7025, while those seeking long exposure may find dips toward 0.6985 present tactical entry opportunities within this elevated range.
Source: FXStreet