The Australian Dollar maintains its uptrend potential against the US Dollar despite recent weakness, according to United Overseas Bank currency strategist Quek Ser Leang. While AUD/USD has broken below its previous consolidation range, the pair continues to trade within intraday boundaries of 0.6960 to 0.7000. The strategist notes that momentum toward the 0.7045 level has diminished over the past one to three weeks, but emphasizes the bullish scenario remains intact as long as the critical 0.6950 support level holds firm. Traders and forex professionals should monitor this threshold closely as a decisive break below could invalidate the current uptrend structure and trigger fresh selling pressure. The currency pair’s ability to defend 0.6950 will determine whether buyers can regain momentum toward higher targets or if a deeper correction materializes in the near term.
FXnCO Insight
Keep 0.6950 as your line in the sand—above holds the uptrend, below opens downside risk and potential short opportunities.
Source: FXStreet