AUD/USD: Range-trading expected – UOB Group

AUD/USD is likely to trade in a range between 0.6980 and 0.7085. For AUD to continue rising, it must close above 0.7100, while the strong support level is set at 0.6960. Recent price action suggests a slowdown in upward momentum, note UOB Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann.

Range-trading expected for AUD/USD

"For AUD to continue to rise, it must close above 0.7100."

"The likelihood of AUD closing above 0.7100 is not high but it will remain intact as long as 0.6960 is not breached."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)