UOB adopts a neutral 1-3 week stance for AUD/USD, projecting a 0.6870–0.6980 range after a sharp rebound from 0.6867.
The Australian Dollar surged from 0.6867 to 0.6930 against the US Dollar, prompting UOB to adjust its outlook. The rebound is seen as overextended, with intraday trading expected between 0.6890 and 0.6930, below the 0.6935 resistance level.
Earlier, UOB had maintained a bearish 1-3 month outlook, targeting 0.6707 if 0.6835 breaks. Downward momentum had eased, but yesterday’s drop to 0.6867 was followed by a strong recovery, shifting the short-term view to neutral.
The pair is now consolidating after the sharp rebound, with UOB noting that a break above 0.6940 would signal further upside potential.