UOB analysts see limited upside for the Australian dollar near 0.7075 after a sharp drop to 0.6984.
The Australian dollar briefly touched 0.7069 against the USD before retreating sharply to 0.6984, a move described as overdone. The pullback suggests near-term resistance at 0.7075 remains intact.
Intraday trading is expected to stay within a 0.6980 to 0.7075 range, with analysts noting the pair’s failure to sustain gains above 0.7069. Prior attempts to break this level have similarly stalled, reinforcing the cap.
No immediate market reaction was detailed, but the sharp reversal highlights caution among traders near key resistance levels.