UOB analysts see further upside for the Australian dollar after a rally to 0.7129, though overbought conditions may limit intraday moves.
The Australian dollar’s uptrend remains intact, with UOB analysts targeting 0.7150 against the USD after a recent jump to 0.7129. The pair’s strength is supported by broader market sentiment, though intraday volatility is expected to stay within a 0.7090–0.7130 range due to overbought conditions.
Prior to the move, AUD/USD had traded in a tighter band, with resistance levels gradually shifting higher. The latest rally follows a period of consolidation, reflecting renewed buying interest in the currency pair.
No immediate market reaction was specified, but the outlook suggests potential for further gains if momentum holds.