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AUD/USD retreats after failing to clear 0.7075, seen range-bound

UOB analysts said a move above 0.7075 would be needed to target 0.7100, while a break below 0.7015 would fade the upside risk.

Reported · Written up by our desk · Major Pairs

FXStreet cited United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann saying AUD/USD has pulled back to around 0.7032 after failing to break above 0.7075, with intraday trade expected to stay in a tight range.

They projected near-term price action to run roughly between 0.7015 and 0.7055, noting there was no clear buildup of downside momentum despite the retreat.

For the 1 to 3 week outlook, UOB said upside risk remains, but a sustained move above 0.7075 is needed to open the door to a push toward 0.7100 and a more durable recovery.

The analysts also highlighted that a break below 0.7015, their stated strong support level, would suggest the earlier risk of a move higher had faded.

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