Key Moments
- AUD/USD is expected to fluctuate between 0.6980 and 0.7085 this week.
- Traders need a close above 0.7100 for the currency pair to extend its advance.
- Support at 0.6960 should hold, as recent moves show softer upward momentum.
Technical Overview of AUD/USD
Analysts at UOB Group expect AUD/USD to stay within a defined range. They see the pair likely trading between 0.6980 and 0.7085. Meanwhile, they note that recent performance shows a slowdown in upside momentum.
UOB Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann emphasize that AUD/USD’s bullish outlook depends on breaking a key resistance level. At the same time, they highlight nearby support that should limit downside risks.
Key Levels and Momentum Signals
| Level | Significance |
|---|---|
| 0.6980 | Lower boundary of expected trading range |
| 0.7085 | Upper boundary of expected trading range |
| 0.7100 | Closing above this level signals continuation of the uptrend |
| 0.6960 | Strong support that should preserve the upside scenario |
The strategists note that AUD/USD has moderated from its prior upward drive. However, it remains within the defined range. They add that sustaining gains will depend on achieving a decisive close above the key resistance level.
Analyst Commentary
Analysts stress that the currency’s range-trading conditions hinge on key thresholds. Breaching these levels could either validate or undermine the bullish outlook.
“For AUD to continue rising, it must close above 0.7100,” they say.
“The likelihood of a close above 0.7100 is low. However, the bullish scenario remains intact as long as 0.6960 holds,” they add.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
