UOB analysts expect the Australian Dollar to extend gains toward 0.7045 in the coming weeks after breaking key resistance levels.
The Australian Dollar surged past resistance at 0.7015 against the US Dollar, reaching a high of 0.7021. UOB analysts note the breakout signals short-term bullish momentum, with AUD expected to trade in a 0.6985–0.7025 range over the next 24 hours.
Recent price action follows a sharp rise from 0.6975, exceeding earlier expectations. While the 1–3 week outlook suggests potential for further gains toward 0.7045, the broader 1–3 month view remains cautious below 0.6835.
The rapid momentum shift indicates upside risks persist as long as AUD holds above 0.6950, though overbought conditions may limit immediate advances.