United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann are maintaining a bullish outlook for the Australian Dollar against the US Dollar after the pair tested resistance at 0.7091. The AUD/USD pushed above the 0.7075 level intraday before pulling back to settle near 0.7063, showing limited follow-through but holding recent gains.
UOB analysts indicate upside risk remains firmly in place as long as the pair holds above the critical 0.7025 support threshold. The brief spike to 0.7091 suggests buying interest persists at current levels, though profit-taking prevented a sustained breakout. Traders watching the Aussie should monitor whether the pair can consolidate above 0.7060 to set up another run at recent highs.
The Australian Dollar’s resilience comes amid ongoing focus on commodity prices and interest rate differentials between the Reserve Bank of Australia and the Federal Reserve, both key drivers for AUD positioning.
FXnCO Insight
Traders should watch the 0.7025 support level closely—a break below would invalidate UOB’s bullish view, while sustained holding above 0.7060 could signal renewed upside momentum toward 0.7100.
Source: FXStreet