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AUD/USD rebounds but likely stays capped below 0.6985

UOB strategists said AUD/USD closed around 0.6970 after a modest rebound, with a break above 0.6985 seen as reducing odds of a drop toward 0.6866 support.

Reported · Written up by our desk · Major Pairs

FXStreet notes that UOB strategists Quek Ser Leang and Lee Sue Ann said AUD/USD outperformed on Monday, closing near 0.6970 after a modest rebound.

They expect only slight gains during the session, with the pair likely staying capped below 0.6985 and trading in a roughly 0.6945 to 0.6985 range.

Over the next 1 to 3 weeks, they said downward momentum is slowing and that a move above 0.6985 would signal that the previously targeted 0.6866 support is unlikely to be reached, though medium term risks still skew lower.

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