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AUD/USD consolidates as support near 0.6970 holds UOB view
UOB says AUD rallied above 0.7020, then eased to 0.6999, with a push toward 0.7045 still possible if 0.6970 remains intact.
Australian Dollar traders are watching the 0.6970 area after AUD/USD eased from a move above 0.7020, according to a market note cited by UOB analysts Quek Ser Leang and Lee Sue Ann.
They said price action has shifted into consolidation, with the pair trading between 0.6985 and 0.7020. UOB also maintained that the 1 to 3 week outlook remains mildly positive as long as support holds near 0.6970.
In their update, the analysts referenced a recent rise to about 0.7015 two days earlier and a close near 0.6999 after AUD had reached roughly 0.7027. They noted upward momentum has eased.
UOB revised its key support level to 0.6970, keeping a potential move toward 0.7045 alive on the shorter horizon, while also stating the broader 1 to 3 month outlook for AUD/USD remains negative.