Analysts see potential upside for the Australian dollar if it sustains a move above 0.7075 against the USD.
The Australian dollar has retreated to 0.7032 after failing to break above 0.7075 against the USD, with intraday trading expected to remain range-bound between 0.7015 and 0.7055. Analysts note that while upward momentum has not strengthened significantly, a sustained move above 0.7075 could target 0.7100 and signal a more durable recovery.
Earlier this week, AUD/USD rose to a high of 0.7065 but struggled to maintain momentum above 0.7075. The pair has since pulled back, though downward pressure remains limited, suggesting a potential range-trade scenario in the near term.
If the pair breaks and holds above 0.7075, analysts believe the likelihood of a move toward 0.7100 will increase, marking a key resistance level to watch.