Analysts see tentative upward momentum for the Australian dollar, with a key resistance level at 0.6980 in the near term.
The Australian dollar shows tentative signs of upward momentum against the US dollar, with United Overseas Bank analysts highlighting a potential break above 0.6980 in the next 1-3 weeks. The pair remains confined to a tight intraday range of 0.6915–0.6950, reflecting lackluster short-term momentum.
Recent trading saw AUD/USD dip to 0.6907 before recovering to close at 0.6929, up 0.01%. Support is now pegged at 0.6900, while the broader 1-3 month outlook remains negative, with focus on 0.6707 below 0.6835.
Analysts noted that upward pressure could persist as long as the pair holds above 0.6900, though no clear directional shift has emerged yet. The currency has traded within a 0.6870–0.6980 band in recent weeks.