Analysts highlight AUD strength with a near-term target of 0.7150, though overbought conditions may limit intraday moves.
The Australian Dollar remains supported after climbing to 0.7129 against the USD, with United Overseas Bank analysts noting a bullish bias for the next 1-3 weeks. The next resistance level is seen at 0.7150, while strong support is placed at 0.7070.
Recent gains exceeded expectations, with AUD/USD rising from 0.7080 to close at 0.7104 last Friday. Despite a slight retreat, momentum remains intact, though overbought conditions suggest intraday moves may stay within a 0.7090–0.7130 range.
The longer-term outlook remains positive, but a drop below 0.7070 could signal a shift in sentiment. Analysts had previously flagged 0.7100 as a key hurdle before further upside.