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UOB analysts Quek Ser Leang and Peter Chia note that AUD/USD surprised to the upside, reaching 0.7143 and closing around 0.7127. Intraday, they see room for a test of 0.7150 before pullback risks increase, with 0.7175 as the next resistance.
💡 DMK Insight
AUD/USD’s recent surge to 0.7143 is a key moment for traders to watch. The pair’s ability to maintain above 0.7127 suggests bullish momentum, but the analysts warn of potential pullback risks as it approaches 0.7150. If it breaks through 0.7175, we could see further gains, but traders should be cautious of overextending positions. The broader context of rising commodity prices and a strong Australian economy could support this rally, but any shifts in U.S. economic data might quickly change the narrative. Keep an eye on the daily chart for signs of exhaustion or reversal patterns as we approach these resistance levels. On the flip side, if the pair fails to hold above 0.7127, it could signal a bearish reversal, leading to a test of lower support levels. Watch for volatility around upcoming economic releases that could impact both currencies.
📮 Takeaway
Monitor AUD/USD closely; a break above 0.7150 could lead to 0.7175, but watch for pullback risks if it fails to hold above 0.7127.
