Analysts forecast a mild downside bias for the Australian dollar against the US dollar, targeting 0.6980 unless resistance at 0.7045 breaks.
United Overseas Bank analysts maintain a negative outlook on AUD/USD, citing a slight increase in downward momentum despite recent consolidation near 0.7020. The pair closed largely unchanged at 0.7017 after trading between 0.6990 and 0.7024.
The bank expects AUD to trade with a downward bias in the near term but notes any decline is unlikely to breach the 0.6980 support immediately. Resistance levels are identified at 0.7020 and 0.7030. Over the next one to three weeks, the pair is forecast to gravitate toward the month-to-date low near 0.6980 unless 0.7045 is broken.
The view remains unchanged as long as the 0.7045 resistance holds, with analysts previously revising their outlook to negative when the spot was at 0.7025.