The Australian Dollar (AUD) is expected to retain a modestly positive bias but is unlikely to break above the key 0.6700 resistance in the near term, according to UOB Group’s FX strategists Quek Ser Leang and Peter Chia.
Short-term outlook
In their 24-hour view, analysts noted that AUD/USD climbed to 0.6674 yesterday, surpassing the expected consolidation range of 0.6625–0.6665. While momentum has improved slightly, it is not strong enough to push the pair through the 0.6700 level. Interim resistance is seen at 0.6685, while support levels are located at 0.6660 and 0.6645.
Medium-term view
On a 1–3 week horizon, UOB maintains its constructive outlook for AUD/USD, pointing out that price action continues to favor gradual upside. The pair’s next key target remains 0.6700, provided that strong support at 0.6625 (previously 0.6590) holds.
