AUD/USD momentum turns flat as the pair consolidates between 0.7005 and 0.7035, with analysts warning that a break below 0.6995 could trigger a decline toward 0.6923.
UOB notes AUD/USD has stalled at 0.7040 with fading upside bias and downside risk toward 0.6923.
The AUD/USD pair faces renewed selling pressure after failing to sustain a breakout above the 0.7040 resistance level. Analysts at UOB indicate that fading upside momentum and a potential breach of the 0.6995 support level could signal a shift toward a bearish outlook, with downside targets reaching 0.6923.
The outlook is currently bearish to neutral, as the pair has stalled at 0.7040 and is showing signs of fading upside momentum, with potential for a decline toward 0.6923.