United Overseas Bank’s (UOB) analyst Quek Ser Leang has highlighted a notable rebound in the Australian Dollar (AUD) against the US Dollar (USD), with the AUD/USD pair climbing from 0.6923 to a high of 0.6959. This move was accompanied by rapidly increasing upward momentum, prompting UOB to identify growing upside risks toward the 0.6970–0.6980 range on an intraday basis, with immediate supports at 0.6945 and 0.6935 [1].
In the short-term (24-hour view), UOB notes that while there was previously a tentative build-up in downward momentum, the strong rebound has shifted the bias to the upside. The bank suggests that the major resistance at 0.6980 could be just out of reach for now, but the momentum supports further gains, with another resistance level at 0.6970 [1].
Looking ahead to the next 1–3 weeks, UOB maintains a neutral stance but acknowledges that the risk of a break above 0.6980 is rising, especially if the AUD remains above the strong support level at 0.6900. Should the AUD/USD pair surpass 0.6980, the next level to watch is 0.7005 [1].
No specific market reactions or analyst opinions beyond UOB’s technical outlook are discussed in the article. There are no references to broader market implications or external economic factors [1].
CONCLUSION
UOB’s analysis points to increasing upside risks for the Australian Dollar against the US Dollar, with key resistance levels approaching. The outlook remains neutral but with a bullish tilt as long as the AUD stays above 0.6900. Market participants may watch for a potential break above 0.6980 in the coming weeks.