Key Moments
- UOB Group analysts flag 0.7050 as the next major resistance level for AUD/USD.
- The pair shows strong upward momentum but trades in deeply overbought territory.
- Support lies at 0.6965, followed by a lower level at 0.6940.
UOB Group Outlook on AUD/USD
UOB Group analysts Quek Ser Leang and Lee Sue Ann expect the Australian Dollar to extend its recent gains against the U.S. Dollar. They identify 0.7050 as a key resistance level that could cap further AUD/USD upside.
The report notes that the current rally remains driven by solid momentum. However, the analysts warn that the pair trades in overbought conditions, which may limit further appreciation.
Key Technical Levels
UOB highlights specific resistance and support levels for traders to watch. Resistance appears at 0.7050. Support levels sit at 0.6965 and 0.6940, providing clear areas to monitor if the pair pulls back.
| Level Type | Price |
|---|---|
| Resistance | 0.7050 |
| Support | 0.6965 |
| Support | 0.6940 |
Analysts’ Commentary
The report emphasizes the strength of the uptrend but questions the likelihood of sustained gains under stretched conditions:
“Upward momentum remains strong; however, it is unclear how far this rally can extend. The next resistance is at 0.7050.”
“While AUD may strengthen further, deeply overbought conditions suggest the pair is unlikely to move clearly above 0.7050 in the near term.”
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