UOB analysts note the Australian dollar’s surge to 0.7180 lacks signs of reversal despite stretched momentum.
The Australian dollar climbed to 0.7180 against the US dollar and settled near 0.7170, extending its recent rally. Analysts observe the move appears stretched but show no clear indications of a pullback yet, keeping the 0.7200 level in focus.
Prior sessions saw AUD/USD trading in a tighter range, with resistance previously holding below 0.7150. The pair’s break above this level suggests growing bullish sentiment, though momentum remains untested at higher thresholds.
Market reaction has been muted in early trading, with traders awaiting further confirmation of sustained strength or potential exhaustion near 0.7200.