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AUD/USD rallies toward 0.7200, support seen near 0.7105
The move was up about 0.8% after a sharp jump to 0.7180, with UOB analysts saying momentum should persist on a 1-3 week horizon if 0.7105 holds.
AUD/USD surged to around 0.7180 and was last near 0.7169, gaining 0.78%, according to FXStreet’s roundup of United Overseas Bank analysis from Quek Ser Leang and Lee Sue Ann.
The analysts said the rally appears overdone but that there are no clear signs of a pause yet, adding that price could test above 0.7180 in the near term while 0.7200 acts as a key cap.
In their 1-3 week view, they expect AUD strength to continue toward the 0.7200 resistance as long as support around 0.7105 holds, with a breach of 0.7140 flagged as evidence that immediate upward pressure may have eased.
Support is noted near 0.7150 for the next session, and the team highlighted that AUD needs to stay above 0.7105 to keep momentum intact.