UOB analysts highlight growing upward pressure on the Australian dollar, targeting 0.6980 as momentum builds intraday.
The Australian dollar climbed sharply against the US dollar, rising from 0.6923 to 0.6959, driven by accelerating upward momentum. UOB now expects further gains toward 0.6970–0.6980 in the near term, citing robust intraday support at 0.6945.
The rebound follows a period of consolidation, with the pair previously trading in a narrower range. Analysts note the shift in sentiment as key technical levels are tested, though broader market conditions remain a factor.
No immediate market reaction was specified, but the outlook suggests potential for continued strength if momentum persists.