Analysts flag tentative upward momentum for the Australian dollar, eyeing a move past 0.6980 in the coming weeks.
The Australian dollar may extend gains above 0.6980 against the USD in the next one to three weeks, as momentum shows signs of building. UOB analysts note the pair remains confined to a 0.6915–0.6950 intraday range but see rising risk of an upside breakout.
Current support is pegged at 0.6900, which analysts describe as a strong level. The lackluster near-term momentum contrasts with the emerging upward bias, suggesting potential for a shift if resistance is cleared.
No immediate market reaction was specified, but the outlook points to cautious optimism for AUD bulls.