Analysts maintain a bullish outlook for the Australian dollar as long as it stays above 0.6950 against the US dollar.
The Australian dollar remains within an intraday range of 0.6960–0.7000 against the USD, despite slipping below prior consolidation levels. UOB analysts note that while momentum toward 0.7045 has weakened, the broader uptrend remains intact as long as support at 0.6950 holds.
Earlier projections had targeted a move toward 0.7045, but recent price action suggests a pause in upward momentum. The pair’s ability to stay above 0.6950 is seen as critical for maintaining the bullish scenario over the next one to three weeks.
No immediate market reaction was specified, but traders are likely monitoring the 0.6950 level for signs of continued strength or a potential reversal.