The Australian Dollar has staged a sharp rebound against the US Dollar, surging from 0.6923 to 0.6959 as momentum builds to the upside, according to United Overseas Bank currency strategist Quek Ser Leang. The Singapore-based bank now sees growing risks that AUD/USD could push higher toward the 0.6970 to 0.6980 range during current intraday trading sessions. UOB has identified key support levels at 0.6945 and 0.6935 that could cushion any near-term pullbacks. The assessment marks a notable shift in short-term technical positioning for the currency pair, which has demonstrated rapidly accelerating upward momentum in recent trading. Traders and brokers with exposure to AUD/USD or cross-currency positions should monitor these levels closely as the pair approaches potential resistance zones that could trigger profit-taking or fresh buying interest depending on broader risk sentiment.
FXnCO Insight
Watch for potential long entry opportunities on dips toward 0.6945 support, with targets near 0.6970-0.6980 while momentum remains constructive.
Source: FXStreet